ISTANBUL -- Turkish automaker Ford Otosan said net profit doubled to 142.8 million lira ($94 million) in the first quarter, exceeding forecasts as strong domestic demand boosted the sector.
Sales in the first quarter surged 60 percent to 2.23 billion lira, outstripping a poll forecast of 2.08 billion. Sales reached 1.39 billion a year earlier.
A Reuters poll had predicted net profit of 126.5 million lira, compared with 71.1 million in the same period a year ago.
Ford Otosan makes vehicles, including the Transit Connect van, at two factories in a joint venture between Ford and Koc Holding AS, the country's biggest group of industrial companies.
Each owns 41 percent of the manufacturer. It's the second-largest producer in Turkey after the Tofas Turk Otomobil Fabrikasi AS joint venture between Fiat and Koc, with a 14.6 percent share in the Turkish automotive market.
Ford Otosan, which employs 6,150 people, exports vehicles to more than 60 countries from its Kocaeli plant.