Turkish carmaker Tofas returns to operating profit

Newswire

ISTANBUL, March 30 (Reuters) - Leading Turkish vehicle maker Tofas swung to an operating profit in 2003 from a loss the year before as sales increased, the company, a joint venture between Fiat and Turkey's Koc Holding, said on Tuesday. Operating profit was 28.4 trillion lira ($21.5 million) in 2003 compared with a loss of 32.7 trillion in 2002. However, consolidated net profit fell 78.5 percent to 6.34 trillion lira. Accounting for the decline was a sharp fall in the amount of deferred ...

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