{"id":48377,"date":"2026-02-17T09:30:06","date_gmt":"2026-02-17T06:30:06","guid":{"rendered":"https:\/\/ekonomigundemi.com.tr\/index.php\/2026\/02\/17\/sisecam-2025-finalinde-muhasebe-destegiyle-beklenti-ustu-kar-acikladi"},"modified":"2026-02-17T09:30:06","modified_gmt":"2026-02-17T06:30:06","slug":"sisecam-2025-finalinde-muhasebe-destegiyle-beklenti-ustu-kar-acikladi","status":"publish","type":"post","link":"https:\/\/ekonomigundemi.com.tr\/index.php\/2026\/02\/17\/sisecam-2025-finalinde-muhasebe-destegiyle-beklenti-ustu-kar-acikladi\/","title":{"rendered":"\u015ei\u015fecam 2025 finalinde muhasebe deste\u011fiyle beklenti \u00fcst\u00fc kar a\u00e7\u0131klad\u0131"},"content":{"rendered":"<p>Pusula Yat\u0131r\u0131m\u2019\u0131n \u015ei\u015fecam finansal sonu\u00e7lar\u0131na ili\u015fkin haz\u0131rlad\u0131\u011f\u0131 analizde; operasyonel verimlilik, bor\u00e7luluk yap\u0131s\u0131 ve karl\u0131l\u0131k kalitesi mercek alt\u0131na al\u0131nd\u0131. \u015eirketin k\u00fcresel cam piyasas\u0131ndaki diren\u00e7 s\u0131nav\u0131na dair \u015fu detaylar payla\u015f\u0131ld\u0131:<\/p>\n<p>&#8220;\u015ei\u015fecam, 2025 4 \u00e7eyrekte 55,18 milyar TL has\u0131lat, 2,93 milyar TL FAV\u00d6K ve 3,88 milyar TL net kar ile piyasa beklentilerinin alt\u0131nda FAV\u00d6K, piyasa beklentilerinin \u00fczerinde net kar ve has\u0131lat a\u00e7\u0131klad\u0131. Net kar\u0131n beklenti \u00fczerinde kalmas\u0131n\u0131n ana sebebi \u00e7eyreklik 3,31 milyar TL&#039;lik net parasal kazan\u00e7 ve 1,29 milyar TL&#039;lik ertelenmi\u015f vergi geliri etkili oldu. Elimine edildi\u011finde ana faaliyetten elde edilecek kar\u0131n aksine \u00e7eyreklik 800 milyon TL&#039;lik net zarar olacakt\u0131. (Piyasa Beklentisi:52,8 milyar TL has\u0131lat, 3,4 milyar TL FAV\u00d6K, 1,8 milyar TL net kar\/Pusula Yat\u0131r\u0131m:53,76 milyar TL has\u0131lat, 2,73 milyar TL FAV\u00d6K, 1,51 milyar TL net kar)<\/p>\n<p>\u015eirket, 2025 mali y\u0131l\u0131n\u0131 k\u00fcresel cam ve kimyasallar piyasas\u0131nda operasyonel bir diren\u00e7 s\u0131nav\u0131yla kapatm\u0131\u015ft\u0131r. \u015eirketin bor\u00e7 profili, 2025 y\u0131l\u0131nda likidite y\u00f6netimi a\u00e7\u0131s\u0131ndan daha muhafazak\u00e2r bir yakla\u015f\u0131m\u0131 zorunlu k\u0131lan bir tablo sergilemi\u015ftir. Y\u00fcksek faiz ortam\u0131nda bor\u00e7 y\u00fck\u00fc, finansman giderleri kanal\u0131yla karl\u0131l\u0131k \u00fczerinde ciddi bir bask\u0131 yaratmaktad\u0131r.<\/p>\n<p>2025 gelir tablosu, operasyonel verimlilik ile muhasebe kaynakl\u0131 kazan\u00e7lar aras\u0131nda keskin bir ayr\u0131m\u0131 zorunlu k\u0131lmaktad\u0131r. Has\u0131lat\u0131n 242,9 Milyar TL&#039;den 224,5 Milyar TL&#039;ye gerilemesine ra\u011fmen br\u00fct kar\u0131n 62 Milyar TL&#039;ye y\u00fckselmi\u015f olmas\u0131 dikkat \u00e7ekicidir.<\/p>\n<p>Net kar\u0131n beklenti \u00fczerinde kalmas\u0131nda \u00e7eyreklik 3,31 milyar TL&#039;lik net parasal kazan\u00e7 ve 1,29 milyar TL&#039;lik ertelenmi\u015f vergi geliri etkili oldu. Karl\u0131l\u0131k kalitesi faaliyetten ziyade bor\u00e7lu yap\u0131n\u0131n enflasyon kar\u015f\u0131s\u0131ndaki muhasebe avantaj\u0131ndan kaynaklanmaktad\u0131r.<\/p>\n<p>Maddi duran varl\u0131klardaki 244 Milyar TL&#039;lik art\u0131\u015f hem devam eden yat\u0131r\u0131mlar\u0131n hem de 2025 y\u0131l\u0131nda gayrimenkuller i\u00e7in uygulanan yeniden de\u011ferleme modelinin bir sonucudur. Bu durum, \u00f6z kaynak yap\u0131s\u0131n\u0131 ka\u011f\u0131t \u00fczerinde desteklese de nakit \u00fcretimiyle do\u011frudan ili\u015fkili de\u011fildir. Stoklardaki s\u0131n\u0131rl\u0131 d\u00fc\u015f\u00fc\u015fe ra\u011fmen ticari alacaklar\u0131n 34 Milyar TL&#039;den 39,9 Milyar TL&#039;ye y\u00fckselmesi, nakit d\u00f6ng\u00fcs\u00fcnde bir miktar uzamaya i\u015faret etmektedir\u201d<\/p>\n<p> <strong><\/strong><br \/>\nEKONOM\u0130 GAZETES\u0130 <\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u0130stanbul, 17 \u015eubat (Hibya) &#8211; Pusula Yat\u0131r\u0131m, \u015ei\u015fecam&#8217;\u0131n 2025 y\u0131l\u0131 d\u00f6rd\u00fcnc\u00fc \u00e7eyre\u011finde has\u0131lat ve net kar kalemlerinde piyasa beklentilerini a\u015ft\u0131\u011f\u0131n\u0131 ancak kar kalitesinin operasyonel faaliyetlerden ziyade muhasebe kaynakl\u0131 kazan\u00e7lara dayand\u0131\u011f\u0131n\u0131 a\u00e7\u0131klad\u0131. <\/p>\n","protected":false},"author":1,"featured_media":48378,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"googlesitekit_rrm_CAow07ekDA:productID":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-48377","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ekonomi"],"_links":{"self":[{"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/posts\/48377","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/comments?post=48377"}],"version-history":[{"count":0,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/posts\/48377\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/media\/48378"}],"wp:attachment":[{"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/media?parent=48377"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/categories?post=48377"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ekonomigundemi.com.tr\/index.php\/wp-json\/wp\/v2\/tags?post=48377"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}