Istanbul, Nov 21 - Turkish finance-to-energy conglomerate Koc Holding posted third-quarter net profit of 814 million lira ($484.5 million) on Friday, up 21.5 percent from last year's 670 million.
Koc Holding, Turkey's largest company and controlled by the Koc family, said nine-month consolidated net profit was 2.5 billion lira, up 61 percent year-on-year. Nine-month consolidated sales rose 30 percent to 44 billion lira.
Chief executive Bulent Bulgurlu said exceptional items had boosted July-September operating profit, but even discounting these profit was up 26 percent year-on-year.
"We used to have a consumer products oriented portfolio in the past which made our revenues more sensitive to growth dynamics," Bulgurlu said in a statement.
"In the last years we increased the activities of the energy group and found a better balance between service and industrial groups. This has played an important role in having an optimal portfolio structure which enables sustainability," he added.
Koc Holding gave no profit or sales outlook but the company is expected to suffer from a slowdown in the $700 billion economy, like other Turkish companies.
Koc shares closed up 8.2 percent on Friday, outperforming the Istanbul index of leading stocks which closed 3.5 percent higher.