{"id":2360,"date":"2026-05-02T14:30:22","date_gmt":"2026-05-02T11:30:22","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=2360"},"modified":"2026-05-02T14:31:04","modified_gmt":"2026-05-02T11:31:04","slug":"rtalb-2026-03-bilano-analizi-rta-laboratuvarlar","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/2360","title":{"rendered":"\ud83d\udd34 RTALB 2026-03 Bilan\u00e7o Analizi | RTA Laboratuvarlar\u0131"},"content":{"rendered":"<h1>RTA Laboratuvarlar\u0131 (RTALB) 2026 Birinci \u00c7eyrek Finansal Bilgilendirme Notu<\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu belge, RTA Laboratuvarlar\u0131 Biyolojik \u00dcr\u00fcnler \u0130la\u00e7 ve Makine Sanayi ve Ticaret A.\u015e.&#8217;nin (\u015eirket) 1 Ocak \u2013 31 Mart 2026 ara hesap d\u00f6nemine ait finansal sonu\u00e7lar\u0131n\u0131 ve operasyonel performans\u0131n\u0131 analiz etmektedir. Raporlama d\u00f6nemi itibar\u0131yla en kritik bulgular \u015funlard\u0131r:<\/p>\n<ul>\n<li><b>Net D\u00f6nem Zarar\u0131:<\/b> \u015eirket, 2025 y\u0131l\u0131n\u0131n ayn\u0131 d\u00f6nemindeki 281,3 milyon TL&#8217;lik k\u00e2ra kar\u015f\u0131l\u0131k, 2026 y\u0131l\u0131n\u0131n ilk \u00e7eyre\u011finde <b>298,3 milyon TL net d\u00f6nem zarar\u0131<\/b> a\u00e7\u0131klam\u0131\u015ft\u0131r. Bu zarar\u0131n temel nedeni, \u00f6zkaynak y\u00f6ntemiyle de\u011ferlenen i\u015ftiraklerden (\u00f6zellikle A1 Capital) kaynaklanan 303,6 milyon TL tutar\u0131ndaki zarar pay\u0131d\u0131r.<\/li>\n<li><b>Has\u0131lat Art\u0131\u015f\u0131:<\/b> Sat\u0131\u015f gelirleri, 2025&#8217;in ilk \u00e7eyre\u011fine g\u00f6re yakla\u015f\u0131k %21 artarak <b>82,6 milyon TL<\/b> seviyesine y\u00fckselmi\u015ftir.<\/li>\n<li><b>Esas Faaliyet Performans\u0131:<\/b> Esas faaliyet zarar\u0131, ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki 11,4 milyon TL&#8217;den <b>637 bin TL<\/b> seviyesine gerileyerek operasyonel verimlilikte bir iyile\u015fme sinyali vermi\u015ftir.<\/li>\n<li><b>Enflasyon Muhasebesi Uygulamas\u0131:<\/b> Finansal tablolar, TMS 29 &#8220;Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama&#8221; standard\u0131 uyar\u0131nca, 31 Mart 2026 tarihindeki sat\u0131n alma g\u00fcc\u00fc esas\u0131na g\u00f6re d\u00fczeltilerek sunulmu\u015ftur.<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>Finansal Performans Analizi<\/h2>\n<h3>Gelirler ve K\u00e2rl\u0131l\u0131k Yap\u0131s\u0131<\/h3>\n<p>\u015eirketin has\u0131lat yap\u0131s\u0131 b\u00fcy\u00fck oranda yurt i\u00e7i sat\u0131\u015flara dayal\u0131d\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem (TL)<\/td>\n<td>1 Ocak &#8211; 31 Mart 2026<\/td>\n<td>1 Ocak &#8211; 31 Mart 2025<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Has\u0131lat (Net)<\/b><\/td>\n<td>82.552.158<\/td>\n<td>68.354.140<\/td>\n<\/tr>\n<tr>\n<td><b>Sat\u0131\u015flar\u0131n Maliyeti<\/b><\/td>\n<td>(51.992.904)<\/td>\n<td>(43.956.644)<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td>30.559.254<\/td>\n<td>24.397.496<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r Marj\u0131<\/b><\/td>\n<td>%37,0<\/td>\n<td>%35,7<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet K\u00e2r\u0131\/Zarar\u0131<\/b><\/td>\n<td>(637.412)<\/td>\n<td>(11.404.464)<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nem Net K\u00e2r\u0131\/Zarar\u0131<\/b><\/td>\n<td>(298.290.114)<\/td>\n<td>281.328.217<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>Analiz Notu:<\/b> Br\u00fct k\u00e2r marj\u0131ndaki hafif art\u0131\u015fa ra\u011fmen, i\u015ftiraklerden gelen negatif katk\u0131 ve y\u00fcksek finansman giderleri (15,8 milyon TL) net sonucun zarara d\u00f6nmesinde belirleyici olmu\u015ftur.<\/p>\n<h3>Faaliyet Giderleri<\/h3>\n<p>Toplam faaliyet giderleri 26,5 milyon TL olarak ger\u00e7ekle\u015fmi\u015f olup, ge\u00e7en y\u0131la (29 milyon TL) g\u00f6re bir miktar azalma kaydedilmi\u015ftir.<\/p>\n<ul>\n<li><b>Ara\u015ft\u0131rma ve Geli\u015ftirme:<\/b> 9,8 milyon TL (Giderlerin en b\u00fcy\u00fck kalemi)<\/li>\n<li><b>Genel Y\u00f6netim:<\/b> 9,0 milyon TL<\/li>\n<li><b>Pazarlama:<\/b> 7,7 milyon TL<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>Bilan\u00e7o ve Varl\u0131k Yap\u0131s\u0131<\/h2>\n<p>31 Mart 2026 itibar\u0131yla toplam varl\u0131klar 3,49 milyar TL olarak kaydedilmi\u015ftir. Varl\u0131k yap\u0131s\u0131nda duran varl\u0131klar hakimiyetini s\u00fcrd\u00fcrmektedir.<\/p>\n<h3>Varl\u0131k Da\u011f\u0131l\u0131m\u0131<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Varl\u0131k Grubu (TL)<\/td>\n<td>31 Mart 2026<\/td>\n<td>31 Aral\u0131k 2025<\/td>\n<\/tr>\n<tr>\n<td><b>D\u00f6nen Varl\u0131klar<\/b><\/td>\n<td>214.541.011<\/td>\n<td>203.922.192<\/td>\n<\/tr>\n<tr>\n<td><b>Duran Varl\u0131klar<\/b><\/td>\n<td>3.275.710.326<\/td>\n<td>3.574.716.415<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam Varl\u0131klar<\/b><\/td>\n<td>3.490.251.337<\/td>\n<td>3.778.638.607<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b>\u00d6nemli Varl\u0131k Kalemleri:<\/b><\/p>\n<ul>\n<li><b>\u00d6zkaynak Y\u00f6ntemiyle De\u011ferlenen Yat\u0131r\u0131mlar:<\/b> 2,63 milyar TL (Toplam varl\u0131klar\u0131n %75&#8217;i).<\/li>\n<li><b>Maddi Duran Varl\u0131klar:<\/b> 413,9 milyon TL.<\/li>\n<li><b>Yat\u0131r\u0131m Ama\u00e7l\u0131 Gayrimenkuller:<\/b> 135,4 milyon TL.<\/li>\n<\/ul>\n<h3>Y\u00fck\u00fcml\u00fcl\u00fckler ve \u00d6zkaynaklar<\/h3>\n<p>\u015eirketin toplam borcu 525,9 milyon TL seviyesindedir. K\u0131sa vadeli y\u00fck\u00fcml\u00fcl\u00fckler 176,7 milyon TL&#8217;ye y\u00fckselirken, uzun vadeli y\u00fck\u00fcml\u00fcl\u00fckler 349,1 milyon TL&#8217;ye gerilemi\u015ftir.<\/p>\n<ul>\n<li><b>Toplam \u00d6zkaynaklar:<\/b> 2,96 milyar TL (31 Aral\u0131k 2025&#8217;e g\u00f6re yakla\u015f\u0131k 300 milyon TL azal\u0131\u015f).<\/li>\n<li><b>Net Bor\u00e7\/\u00d6zkaynak Oran\u0131:<\/b> %17,47 (\u00d6nceki d\u00f6nem: %15,66).<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>\u0130\u015ftirakler ve Yat\u0131r\u0131m Faaliyetleri<\/h2>\n<p>\u015eirket&#8217;in finansal durumu \u00fczerinde en b\u00fcy\u00fck etkiye sahip olan kalem, \u00f6zkaynak y\u00f6ntemiyle konsolide edilen i\u015ftiraklerdir.<\/p>\n<h3>\u0130\u015ftirak Portf\u00f6y\u00fc<\/h3>\n<ol>\n<li><b>A1 Capital Yat\u0131r\u0131m Menkul De\u011ferler A.\u015e.:<\/b> %28,85 i\u015ftirak oran\u0131. Kay\u0131tl\u0131 de\u011fer: 2,61 milyar TL.<\/li>\n<li><b>A1 E\u011fitim ve Filo Kiralama A.\u015e.:<\/b> %17,00 i\u015ftirak oran\u0131. Kay\u0131tl\u0131 de\u011fer: 15,4 milyon TL.<\/li>\n<\/ol>\n<p><b>Yat\u0131r\u0131m Zararlar\u0131:<\/b> Cari d\u00f6nemde i\u015ftiraklerden kaynaklanan toplam zarar <b>303.637.034 TL<\/b>&#8216;dir. Bu rakam, \u015firketin cari d\u00f6nemdeki toplam zarar\u0131n\u0131n ana kayna\u011f\u0131d\u0131r.<\/p>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>Finansal Risk Y\u00f6netimi<\/h2>\n<h3>Kur Riski<\/h3>\n<p>\u015eirket, yabanc\u0131 para cinsinden varl\u0131k ve y\u00fck\u00fcml\u00fcl\u00fckleri nedeniyle kur riskine maruz kalmaktad\u0131r.<\/p>\n<ul>\n<li><b>Net Yabanc\u0131 Para Pozisyonu:<\/b> (10.518.818) TL (Net a\u00e7\u0131k pozisyon).<\/li>\n<li><b>Duyarl\u0131l\u0131k:<\/b> T\u00fcrk Liras\u0131&#8217;n\u0131n yabanc\u0131 paralar kar\u015f\u0131s\u0131nda %10 de\u011fer kaybetmesi durumunda, \u015firket 1,05 milyon TL ek kur fark\u0131 zarar\u0131 yazacakt\u0131r.<\/li>\n<\/ul>\n<h3>Likidite ve Kredi Riski<\/h3>\n<ul>\n<li><b>Cari Oran:<\/b> 1,21 (D\u00f6nen varl\u0131klar\u0131n k\u0131sa vadeli bor\u00e7lar\u0131 kar\u015f\u0131lama oran\u0131).<\/li>\n<li><b>Ticari Alacaklar:<\/b> 118,3 milyon TL (Bunun 11,2 milyon TL&#8217;si ili\u015fkili taraflardan alacaklard\u0131r).<\/li>\n<li><b>Nakit ve Nakit Benzerleri:<\/b> 8,04 milyon TL (D\u00f6nem ba\u015f\u0131nda 5,18 milyon TL olan nakit seviyesi, i\u015fletme faaliyetlerinden sa\u011flanan nakit giri\u015fiyle artm\u0131\u015ft\u0131r).<\/li>\n<\/ul>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>Kurumsal Yap\u0131 ve Ortakl\u0131k Bilgileri<\/h2>\n<ul>\n<li><b>Personel Say\u0131s\u0131:<\/b> 31 Mart 2026 itibar\u0131yla 77 ki\u015fidir (2025 sonu: 81).<\/li>\n<li><b>Ana Ortakl\u0131k:<\/b> \u015eirketin esas kontrol\u00fc \u0130CG Finansal Dan\u0131\u015fmanl\u0131k A.\u015e. ve G\u00fcler Yat\u0131r\u0131m Holding A.\u015e. \u00fczerindedir.<\/li>\n<\/ul>\n<h3>Sermaye Yap\u0131s\u0131<\/h3>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Hissedar<\/td>\n<td>Hisse Oran\u0131<\/td>\n<td>Hisse Tutar\u0131 (TL)<\/td>\n<\/tr>\n<tr>\n<td><b>\u0130CG Finansal Dan\u0131\u015fmanl\u0131k A.\u015e.<\/b><\/td>\n<td>%11,20<\/td>\n<td>56.016.845<\/td>\n<\/tr>\n<tr>\n<td><b>G\u00fcler Yat\u0131r\u0131m Holding A.\u015e.<\/b><\/td>\n<td>%5,39<\/td>\n<td>26.957.249<\/td>\n<\/tr>\n<tr>\n<td><b>Di\u011fer (Halka A\u00e7\u0131k)<\/b><\/td>\n<td>%83,41<\/td>\n<td>417.025.906<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam<\/b><\/td>\n<td><b>%100,00<\/b><\/td>\n<td><b>500.000.000<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8212;&#8211;<\/p>\n<h2>\u00d6nemli Notlar ve Sonu\u00e7lar<\/h2>\n<ol>\n<li><b>Operasyonel \u0130yile\u015fme:<\/b> Sat\u0131\u015flardaki art\u0131\u015f ve esas faaliyet zarar\u0131ndaki dramatik d\u00fc\u015f\u00fc\u015f, \u015firketin kendi ana faaliyet alan\u0131nda (biyolojik \u00fcr\u00fcnler ve test kitleri imalat\u0131) daha verimli hale geldi\u011fini g\u00f6stermektedir.<\/li>\n<li><b>Yat\u0131r\u0131m Ba\u011f\u0131ml\u0131l\u0131\u011f\u0131:<\/b> \u015eirket bilan\u00e7osunun \u00e7ok b\u00fcy\u00fck bir k\u0131sm\u0131 i\u015ftiraklerden olu\u015fmaktad\u0131r. Bu durum, RTALB&#8217;nin net k\u00e2r\/zarar sonucunun kendi operasyonlar\u0131ndan ziyade i\u015ftiraklerinin (\u00f6zellikle finansal piyasalarda faaliyet g\u00f6steren A1 Capital) performans\u0131na a\u015f\u0131r\u0131 duyarl\u0131 olmas\u0131na neden olmaktad\u0131r.<\/li>\n<li><b>TMS 29 Etkisi:<\/b> Enflasyon d\u00fczeltmesi sonucu olu\u015fan parasal kay\u0131p 772.904 TL olarak raporlanm\u0131\u015ft\u0131r. Ge\u00e7mi\u015f y\u0131llar k\u00e2rlar\u0131 ise 1,98 milyar TL seviyesindedir.<\/li>\n<li><b>Raporlama Sonras\u0131 Olaylar:<\/b> 31 Mart 2026 bilan\u00e7o tarihinden finansal tablolar\u0131n onayland\u0131\u011f\u0131 29 Nisan 2026 tarihine kadar d\u00fczeltme gerektiren \u00f6nemli bir olay meydana gelmemi\u015ftir.<\/li>\n<\/ol>\n<button class=\"simplefavorite-button\" data-postid=\"2360\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>RTA Laboratuvarlar\u0131 (RTALB) 2026 y\u0131l\u0131 ilk \u00e7eyrek finansal sonu\u00e7lar\u0131n\u0131 payla\u015ft\u0131. Operasyonel has\u0131lat\u0131n\u0131 y\u0131ll\u0131k bazda art\u0131rmay\u0131 ba\u015faran ve esas faaliyet zarar\u0131n\u0131 minimize eden \u015firket, buna kar\u015f\u0131n i\u015ftiraklerinden gelen negatif etki nedeniyle \u00e7eyre\u011fi net zararla kapatt\u0131. Has\u0131lat b\u00fcy\u00fcmesi, A1 Capital i\u015ftirak performans\u0131 ve \u015firketin g\u00fcncel bor\u00e7luluk yap\u0131s\u0131na dair t\u00fcm teknik detaylar bu analizimizde. Yat\u0131r\u0131mc\u0131lar\u0131n odaklanmas\u0131 gereken kritik rasyolar ve 2026 projeksiyonu i\u00e7in okumaya devam edin.<\/p>\n","protected":false},"author":7,"featured_media":1725,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[334],"class_list":["post-2360","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-rtalb"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2360","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=2360"}],"version-history":[{"count":2,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2360\/revisions"}],"predecessor-version":[{"id":2362,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/2360\/revisions\/2362"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/1725"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=2360"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=2360"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=2360"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}