Aygaz posted a bottom line of TRY28m in 2Q12 (down 69% y-y,
EFGI: TRY71m, Cons: TRY44m) on EBITDA of TRY49m (down 29% y-y, BNPP: TRY51m,
Cons: TRY54m) and revenues of TRY1.26b (up 1% y-y, BNPP: TRY1.39b, Cons:
TRY1.35b).
Comment: EBITDA is down mainly due to inventory losses on
oil prices vs. gains last year. Net income is down on lower EBITDA. The
deviation from our earnings forecast is mainly due to lower than expected
income from associates (Enerji Yatirimlari, Tupras) and lower than expected
financial income. Top line is a poor metric for Aygaz for the short-term as
usual.
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