ECONOMY

Future looking good for Turk Koc Holding

ISTANBUL (Reuters) – Turkish conglomerate Koc Holding said yesterday it planned to join the top 200 companies in the world in 2006, and said core earnings would double this year. Chief Executive Bulent Ozaydinli told a news conference that the holding company expects its consolidated operating profits, excluding depreciation expenses, to rise 100 percent year-on-year to $3 billion (2.5 billion euros) in 2006. It did not give a net profit figure but said that it was very positive in 2005 and would also be in 2006. «These figures show that Koc Holding, as regards its size, is a world company. According to our 2004 results, we are the 389th biggest company in the world and if we meet our targets in 2006, we will become one of the biggest 200,» he said. Exports of the company, with interests from banking to the automotive sector, made up 8.5 percent of total Turkish exports in 2005 and this should reach 12.2 percent in 2006. Its consolidated turnover in 2005 was around the $18.7 billion (15.6-billion-euro) figure it had set as a target for 2010. In 2006, it is aiming for turnover of $36 billion.