Beko's Parent Company Sales Dive

Turkish appliances manufacturer Arcelik, who are known as Beko in the UK, is expecting sales growth of around 20 percent this year, down from 22 percent last year, it said when announcing its annual results.

Rueters also reported that the company also said it sees a 20% growth rate in sales for its international whitegoods unit and 5 percent growth for its home market whitegoods unit this year.

Arcelik said net profits last year fell 2 percent to 506.5 million lira ($286.4 million), missing market expectations for 553.2 million lira, according to a Reuters poll of analysts.

The company said sales rose last year to 8.44 billion lira from 6.94 billion lira in 2010, just ahead of the market forecast of 8.3 billion lira, according to the poll.

This is in line with what we've been hearing with many manufacturers saying that there has been a general downturn over the past year.