Tofas drops after Q3 net profit miss

About this update from Tofas Turk Otomobil Fabrikasi A.s.

** Shares in Tofas BIST:TOASO falls as much as 7% after the Turkish carmaker reported third-quarter net profit below expectations and trimmed its annual margin guidance** Net profit came in at 1.21 billion lira, 32% below consensus estimate, according to J.P.Morgan** JPM says the miss was caused by the slow production of the new K0 model and heavy promotions in Turkey** Tofas also said it expects its profit before tax margin at +2% in 2025 compared to its previous guidance of around 3%** "After today's miss, we expect some share sell-off and substantial downgrades to consensus EPS estimates," JPM says** Tofas is the worst performer on Turkey's BIST 100 index BIST:XU100, which is down0.02%

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