Several listed Turkish companies reported limited damage and suspended operations for at least one day after the major earthquake which recently hit the country“s populous and industrialized north-we…
Several listed Turkish companies reported limited damage and suspended operations for at least one day after the major earthquake which recently hit the country“s populous and industrialized north-west. More than fifty companies which have sent initial reports to the Istanbul Stock Exchange said losses were being assessed for insurance coverage and details would be announced later. Even companies with no damage were forced to stop work for a day due to a power failure in seven provinces hit by the quake. Electricity was later partially restored and more than thirty companies facing minor or no damage said they resumed partial or full operations. The Exchange had suspended share trading for a week until 24 August, pending reports from all companies located in quake-hit regions. The Exchange released information on various companies most affected by the quake. Among the companies on the list was auto glass producer Trakya Cam. There was no serious damage in production lines and machinery, but serious damages in inventories of finished products and minor damage in production buildings were reported.