Tüpraş Turkish Petroleum Refineries, Turkey's biggest energy company, said second-quarter profit rose 36 percent after crude oil prices jumped to a record high.
Net income advanced to YTL 680 million ($575 million) from a revised YTL 501 million a year earlier, Tüpraş said Monday in a filing with the Istanbul Stock Exchange, or IMKB. That beat the YTL 497 million average estimate of seven analysts surveyed by Bloomberg News.
Tüpraş profited from an increase of more than 50 percent in the price of oil during the quarter, as it bought crude and then sold it as gasoline and other products at a later date, said Başak Engin Dinçkök, an analyst at Raymond James Securities inIstanbul. U.S. crude futures traded 90 percent higher than a year earlier and climbed above $140 a barrel for the first time in June.
�Tüpraş outperformed last year's refining margins,� she said. �Oil prices went up and they booked inventory gains.�
Sales at Tüpraş increased 61 percent to YTL 9.1 billion, the company said in the statement.
Tüpraş is based in Kocaeli on Turkey's northwestern coast. Koç Holding, the country's biggest company, bought Tüpraş in January 2006 from the government for $4.1 billion, the largest takeover by a Turkish company.
Tüpraş remained unchanged at YTL 30 on the ISE National 100 index in Istanbul on Monday. The company released the earnings after trading closed. Stocks have dropped 12 percent this year, valuing the company at YTL 7.5 billion.