UPDATE 1-Sabanci sees Q3 profit fall on decline at Akbank

ISTANBUL, Nov 12 (Reuters) - Sabanci Holding, which has interests from energy to finance, on Friday posted a 41 percent drop in its third-quarter profit after unit Akbank's decline in earnings. Sabanci's net income was 268.5 million lira ($187 million) in the period, compared with 454.2 million in the same period a year ago, according to a filing with the Istanbul Stock Exchange. Sales rose 21 percent to 2.15 billion lira, it said. About 80 percent of Istanbul-based Sabanci's earnings come from Akbank, Turkey's biggest bank by market value, said Cihan Saraoglu, analyst at EFG Istanbul Securities. Akbank on Friday said its third-quarter profit was 439 million lira, down from 677.2 million in the same period last year. The lender also missed a forecast of 463.6 million lira, according to the average forecast in a Reuters poll. "It's normal that Sabanci's profit fell after Akbank's fell, and it's what the market expected," Saraoglu said. Shares fell 0.99 percent to 7.98 lira at 1510 GMT, compared with a 1.11 percent decline in the benchmark stock index. Sabanci Holding, in which the Sabanci family controls a 58 percent stake, owns Enerjisa, a power producer and distributor, with Austria's Verbund. It has automotive and cement businesses and operates supermarkets and other retail chains. The company said in a statement that investments were 690 million lira in the first nine months of the year. ($1=1.436 Turkish Lira) (Reporting by Ayla Jean Yackley; Editing by Jon Loades-Carter) Keywords: SABANCI/EARNINGS (ayla.yackley@reuters.com; +90 212 350 7053; Reuters Messaging: ayla.yackley.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved.

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