Doğan Holding revenues in first half reached TRY 6 billion with a 27% increase over the same period in 2007 while the operating profit improved by %158.
Doğan Holding announced first half IFRS consolidated financials as of 30 June 2008; revenues in the first half reached TRY 6 billion (USD billion 4,9) with a 27% increase over the same period in 2007.
Doğan Holding announced its 1H08 results and reported a gross profit of TRY 684 million, showing an increase of 41% vs previous year while EBIT increased by 158% to TRY 174 million (USD 142 million), implying improved profitability. In addition EBITDA of TRY million 348,7 with a 47,5% increase over the same period in 2007 which was realized as TRY 236,5 Million .
Dr. Nebil İlseven, CEO of Doğan Holding, declared that focusing on strategic investments and the cost reduction projects are the main drivers of increasing profitability and closed the first half with the net profit of TRY 101 million for the period .
Dr. İlseven, emphasized that Doğan Holding and its group of companies have been protecting the cash position despite of the unfavorable market conditions emerged with global economic crisis, as of 30 June 2008 consolidated net cash position has been TRY 281 million whereas stand alone net cash position of Doğan Holding is TRY 1.2 bn.
Nebil İlseven, said “The global economy is barely recognizable from the two years ago, market uncertainty still continues and obviously, the monetary policy makers are expecting a deep global economic crisis, though the impacts are unpredictable, Doğan Holding closely follows the indicators to preserve the liquidity of the company. On the economic front, the global crisis might negatively be affected the local economy by contraction in demand due to the increasing financial cost.
Dr. İlseven, concluded his declaration regarding first half results that the strong liquidity and well-balanced capital structure of Doğan Holding constitute two key assurances of the sustainable growth strategy targeted by Group, despite the deepening uncertainty in the global financial markets.