UPDATE 1-Koc Holding Q1 net profit tumbles 94 percent

* Q1 net profit 2.8 million lira

* Q1 sales 8.731 billion lira, down 29 percent (Adds details, background)

ISTANBUL, May 15 (Reuters) - Conglomerate Koc Holding (KCHOL.IS), Turkey's largest company by sales, said on Friday its net profit tumbled 94 percent year-on-year to 2.8 million lira in the first quarter.

The slide in profits came as the Turkish economy slid sharply into recession amid the global economic turmoil. Turkish gross domestic product shrank 6.2 percent in the fourth quarter and a sharper decline was expected in the first quarter.

Koc, which has interests in energy, automotive, retail and banking, said sales in the first quarter fell 29 percent from a year earlier to 8.731 billion lira.

The company's operating profit fell 26 percent from a year earlier to 667 million lira, while EBITDA dropped 21 percent to 880 million lira.

In a presentation of its results the company said it would continue to focus on risk management, with further cost cutting measures and efficiency gains.

Refiner Tupras (TUPRS.IS), which Koc bought in 2005, posted a $23 million loss in the quarter due to lira weakness and lower fuel demand.

Yapi Kredi (YKBNK.IS), the lender Koc co-owns with Italy's UniCredit SpA (CRDI.MI), saw its first-quarter consolidated net profit rose 6 percent to 471 million lira.

Shares in Koc closed 0.59 percent higher on Friday before the earnings data was released. (Editing by Hans Peters)