Cost cuts help Turkey's Tofas double net profit

Newswire

By Birsen Altayli ISTANBUL, Nov 17 (Reuters) - Turkish vehicle maker Tofas AS said its nine-month net profit nearly doubled due to cost-cutting measures, even as net sales fell due to a moderation of demand in the domestic market. Tofas Chief Executive Alfredo Altavilla told a news conference on Thursday the company's nine-month net profit rose 95 percent to 109.8 million new lira ($80.7 million) compared with the same period last year. However net sales fell 6.8 percent to 1.84 ...

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