ISTANBUL
The Turkish Petroleum Refineries Corporation has come top of Fortune magazine’s top 500 Turkish companies.
The oil company recorded revenues of 41.7 billion Turkish liras in 2013, putting it far ahead of second-placed Petrol Ofisi, Turkey’s largest fuel distributor, with 24.9 billion Turkish liras in revenues.
The Turkish Electricity Distribution Company ranked third with revenues of 23.2 billion Turkish liras.
Fortune Turkey Editor Kenan Sanli and Didem Taner, General Director of financial consultancy Finar, produced the list after studying the monthly balance sheets of many Turkish companies.
The top 500 increased their domestic sales by 7.7 percent over the year and exports by 15.3 percent. Turkish Airlines came top for exports, reporting 15.6 billion Turkish liras in foreign revenues.
Total profits for Turkey's leading companies fell 13.2 percent in 2013 to 27.3 billion Turkish liras, largely due to rising currency exchange rates and interest rates.
The Fortune 500 is an annual list compiled and published by Fortune magazine that ranks the top 500 corporations as ranked by gross revenue.
The list includes publicly and privately held companies for which revenues are publicly available. (One US dollar is equal to 2.12 Turkish liras)
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