UPDATE 1-Ford Otosan Q4 net profit beats forecasts

* Ford Otosan Q4 net profit up 149 pct to 125 mln lira

* Q4 sales up 58 percent but undershoot forecasts

(Adds detail, background)

ISTANBUL, Feb 18 (BestGrowthStock) – Turkish automaker Ford Otosan
(FROTO.IS: ) posted a higher-than-expected 149 percent rise in
fourth-quarter net profit after exports and domestic sales
campaigns lifted demand hit hard by the economic slowdown.

Ford Otosan, jointly owned by Ford Motor Co. (F.N: ) and
Turkey’s largest company Koc Holding, generated fourth-quarter
net profit of 125 million Turkish lira ($82.3 million) on sales
of 1.78 billion lira, figures Reuters calculated by subtracting
nine-month from full-year figures.

The average forecast in a Reuters poll of nine analysts was
for net profit of 109 million lira on sales of 1.819 billion.

Profit at Ford Otosan and other carmakers has been
recovering from poor figures at the end of 2008 and the start of
2009 as carmakers were repeatedly suspended production to save
costs during the global economic downturn.

The auto industry is Turkey’s biggest exporter and a major
employer and was a key focus of government incentives in 2009 to
prop up flagging demand.

In 2009 as a whole the carmaker earned net profit of 333.43
million lira on sales of 5.7 billion lira.

Ford Otosan shares surged more than 140 percent last year,
outperforming the main share index which doubled in value.

Stock Market Money

(Reporting by Alexandra Hudson, editing by Will Waterman)
($1=1.519 Turkish Lira)

UPDATE 1-Ford Otosan Q4 net profit beats forecasts