[Turkey] Siscam Net Profit Down 30%

Turkish glassmaker Sisecam's consolidated net profit fell nearly 30% in 2009 to 111.81M/lira ($75.04M), on sales down 2.7% as foreign exchange losses hit the company's bottom line. Sisecam said it would invest cautiously in 2010: "This will be the case until a time when market conditions necessitate higher production." Sisecam has operations in 8 countries including Russia, Bulgaria & Bosnia. "The company had an open forex position in 2008 & suffered losses when the dollar/euro appreciated against the lira in the final quarter & hit its profits," said Burak Salman of Ata Invest.