ISTANBUL – Fiat's Turkish unit Tofas said profit in the fourth quarter climbed 9.6 percent, beating estimates, after gains from a property sale.
Net income rose to 131 million lira (56.5 million euros) from 119.5 million lira in the same period of 2010, Tofas said in a filing with the Istanbul Stock Exchange after markets closed on Monday.
The company was expected to earn 121.4 million lira, according to the average of 13 analysts estimates compiled by Bloomberg.
Fourth-quarter profit was boosted by a one-off gain of 17.4 million lira gain from the real-estate sale and 9 million lira of deferred tax income, Istanbul-based Tera Brokers said in an e-mailed report Monday.
Profit climbed at a slower pace than the full-year figure, which increased 23 percent to 474.2 million lira, Tofas said in the statement.
Tofas Turk Otomobil Fabrikasi AS is a joint venture between Fiat and Koc Holding, Turkey's biggest group of companies.