Holding balance sheets started to arrive in Borsa Istanbul. The critical profit data for Şişecam (SISE) share prices has just arrived. The decline in profitability draws attention in the highly anticipated income statement.
Şişecam, which has a significant weight in the stock market index, announced its 2023 first quarter balance sheet and income statement. It was stated in analyst reports that companies that made high profits throughout the last year may experience serious problems in profitability, especially in the first three months of this year. SISE’s financial results confirm these claims.
Net profit decreased by 30 percent
Şişecam announced its net profit for the period 2022/03 as 2 billion 363 million 787 thousand TL. In the same period of 2022, SISE announced a net profit of 3 billion 702 million 894 thousand TL. This revealed that profitability decreased by 30 percent in the 2022 three-month period compared to the first quarter of last year.
In the first quarter of the year, Şişecam achieved a significant increase in its net sales revenue compared to the same period of the previous year. The company’s net sales rose from TL 17 billion to TL 28 billion.
Earthquake tax hit profitability
The reason for this decrease in the profitability of Şişecam despite the increase in its turnover is that the tax expense for the period increased from 563 million TL last year to 1 billion 192 million TL this year. The main reason for the tax increase, which was more than twice, was the 10 percent earthquake tax. This tax, which was applied on exceptions and discounts, caused a serious jump in the expense items of the company.
Data that may affect the index
Now eyes are on the opening of the first session at the beginning of the week SISE stock What will happen in your movements will happen. Şişecam is the third largest stock on the BIST-100 index by 5.10 percent. The possible movements in this stock have a significant impact on the index. The other two stocks with a higher weight than SISE are THY with 6.61 percent weight and TUPRS with 5.45 percent weight.
Borsa İstanbul has closed this week with a very critical decline due to the falling profitability in the latest balance sheets. Although Akbank’s balance sheet has been good, the decline in profit performance of other large industrial companies has put the index under pressure before the election. Even though Garanti Bank announced a nearly 100% profit increase at the end of the week compared to the previous year, the losses of exporting companies increased due to exchange rate pressure and the shocking effect of the earthquake tax on the balance sheets creates a downward pressure on the BIST-100 index.
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