November 20, 2007 / 5:41 PM / in 10 years

UPDATE 1-Turkish Enka posts 32 pct rise in 9-mo net profit

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ISTANBUL, Nov 20 (Reuters) - Turkish construction-to-energy firm Enka (ENKAI.IS) posted a 32 percent rise in nine-month net profit to 522.1 million lira ($439 million), boosted by strong sales growth and financial gains.

Net sales rose 23 percent to 4.85 billion lira, Enka said in a stock market filing. The cost of sales rose a faster 26 percent but bottom line growth was helped by a financial gain where there was a loss last year and by lower taxes. Enka, Turkey’s fifth largest company by market value, said that in the third quarter alone, net profit rose 16 percent to 195.4 million lira while sales rose 9 percent to 1.70 billion lira.

    Shares in Enka have risen 22 percent this year, underperforming a 37 percent rise in the main share index .XU100.

    Investors are watching for news on its Russian business. Earlier this year Enka brought its partner Migros MIGRS.IS out of their Russia-based retail venture Ramenka and has since hired Societe Generale to find a buyer for the retail side of the company. It plans to hold on to Ramenka’s real estate.

    (Reporting by Emma Ross-Thomas; editing by Paul Bolding)

    ((emma.ross-thomas@reuters.com; +90 212 350 7062; Reuters Messaging: emma.ross-thomas.reuters.com@reuters.net)) Keywords: ENKA/RESULTS

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