Turkey's Tofas swings to Q1 net profit

Newswire

ISTANBUL, May 18 (Reuters) - Turkish vehicle maker Tofas swung to a first quarter net profit of 8.4 trillion lira ($5.5 million) from a loss of 53.13 trillion lira in the same period of 2003, the company said. Early last year Turkey was still struggling to emerge from a 2001 crisis that saw the economy shrink by around 10 percent. Tofas announced its profits in a statement to the Istanbul Stock Exchange late on Monday. Tofas, a joint venture between Italy's Fiat and Turkey's Koc ...

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