Turkish defense giant's orders reach $7.5B

By Goksel Yildirim

ANKARA

A Turkish defense giant had received orders worth $7.5 billion from its customers as of this March, according to data compiled by Anadolu Agency.

The value of Aselsan's long-term projects -- to be completed by 2025 -- totaled $6.8 billion as of the end of 2017.

In the first three months of this year, the company's consolidated net sales climbed 27.1 percent year-on-year to $1.37 billion, including $114.2 million of orders from overseas.

Some $1.25 billion or 92 percent of those orders came from Turkey, the data showed.

The company saw net profits of $351.3 million in the first quarter, up 2 percent from the same period last year.

Aselsan aims to raise its capital by 210 million liras ($50 million) through a public offering.

Net profits from the public offering will be used to expand its operations in areas such as technology and innovation investments, meeting capital needs, R&D, international cooperation, and possible mergers and acquisitions.

Founded in 1975 in the capital Ankara, Aselsan, which produces military radios and defense electronic systems for the Turkish Armed Forces, is seen as Turkey's premier defense systems producer.

*Tuba Sahin contributed to this story from Ankara