Turkish Ford Otosan says Q1 net profit doubles

ISTANBUL, May 17 (Reuters) - Turkish vehicle maker Ford Otosan FROTO.IS more than doubled its first quarter net profit to 167.9 million lira ($135 million), helped by strong sales growth and contained costs.

Ford Otosan, a joint venture of local conglomerate Koc Holding KCHOL.IS and Ford Motor Co. (F.N: Quote, Profile, Research, Stock Buzz), said late on Friday its sales rose 28 percent to 2.02 billion lira, while cost of sales rose a slower 22 percent to 1.71 billion lira.

Gross profit rose 73 percent to 310.0 million lira and higher financial income also helped the bottom line.

Turkey's auto sector, a major exporter, is made up of several foreign partnerships as well as purely local players.

Tofas TOASO.IS, a joint venture of Italy's Fiat (FIA.MI: Quote, Profile, Research, Stock Buzz) and Koc also saw its first quarter net profit more than double to 84.0 million lira, according to figures released earlier this month. (Reporting by Emma Ross-Thomas; Editing by Anshuman Daga)