{"id":530,"date":"2025-12-25T22:35:29","date_gmt":"2025-12-25T19:35:29","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisk\/?p=530"},"modified":"2025-12-25T22:35:29","modified_gmt":"2025-12-25T19:35:29","slug":"%f0%9f%94%b4%f0%9f%87%b9%f0%9f%87%b7-paseu-pasifik-eurasia-lojistik-2025-9-bilanco-analizi","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisk\/530","title":{"rendered":"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #PASEU | Pasifik Eurasia Lojistik 2025\/9 Bilan\u00e7o Analizi"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd34\ud83c\uddf9\ud83c\uddf7 #PASEU | Pasifik Eurasia Lojistik 2025\/9 Bilan\u00e7o Analizi\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/kp5DP0th7Qw?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<h1>Pasifik Eurasia&#8217;n\u0131n Finans Raporu Mercek Alt\u0131nda: B\u00fcy\u00fcyen Ciroya Ra\u011fmen K\u00e2r Neden D\u00fc\u015ft\u00fc? \u0130\u015fte 5 \u015ea\u015f\u0131rt\u0131c\u0131 Detay<\/h1>\n<h3>Giri\u015f: Rakamlar\u0131n Ard\u0131ndaki Hikaye<\/h3>\n<p>Pasifik Eurasia&#8217;n\u0131n man\u015fetlere ta\u015f\u0131nan ciro art\u0131\u015f\u0131 etkileyici olsa da, son finansal tablolar\u0131na daha derinlemesine bir bak\u0131\u015f, klasik bir \u00e7at\u0131\u015fmay\u0131 ortaya koyuyor: patlay\u0131c\u0131 b\u00fcy\u00fcme ile daralan k\u00e2rl\u0131l\u0131k. Bu rapor, s\u00f6z konusu paradoksu a\u00e7\u0131klayan ve \u015firketin gelece\u011fine dair sinyaller veren en kritik be\u015f detay\u0131 herkesin anlayabilece\u011fi bir dille mercek alt\u0131na al\u0131yor.<\/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<h3>1. Ciro Artarken K\u00e2r Neden D\u00fc\u015ft\u00fc? Gelir-Gider Makas\u0131n\u0131n A\u00e7\u0131lmas\u0131<\/h3>\n<p>\u015eirketin finansal performans\u0131ndaki en dikkat \u00e7ekici \u00e7eli\u015fki, gelir tablosunda kendini g\u00f6steriyor. Bir yanda etkileyici bir ciro art\u0131\u015f\u0131 varken, di\u011fer yanda net k\u00e2rda keskin bir d\u00fc\u015f\u00fc\u015f ya\u015fan\u0131yor.<\/p>\n<ul>\n<li><b>Has\u0131lat (Ciro) Art\u0131\u015f\u0131:<\/b> \u015eirket, 1 Ocak &#8211; 30 Eyl\u00fcl 2025 d\u00f6neminde has\u0131lat\u0131n\u0131 <b>1.841.976.985 TL<\/b>&#8216;ye \u00e7\u0131karmay\u0131 ba\u015fard\u0131. Bu rakam, \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6neminde kaydedilen <b>1.077.016.533 TL<\/b>&#8216;lik has\u0131lata k\u0131yasla \u00f6nemli bir b\u00fcy\u00fcme ivmesini i\u015faret ediyor.<\/li>\n<li><b>Net K\u00e2r D\u00fc\u015f\u00fc\u015f\u00fc:<\/b> Ancak bu g\u00fc\u00e7l\u00fc ciro art\u0131\u015f\u0131 k\u00e2rl\u0131l\u0131\u011fa yans\u0131mad\u0131. Net d\u00f6nem k\u00e2r\u0131, ayn\u0131 d\u00f6nemde <b>206.116.055 TL<\/b>&#8216;den <b>99.006.194 TL<\/b>&#8216;ye gerileyerek yar\u0131 yar\u0131yadan fazla bir d\u00fc\u015f\u00fc\u015f kaydetti.<\/li>\n<li><b>Sebepler:<\/b> K\u00e2rl\u0131l\u0131ktaki bu \u00e7\u00f6k\u00fc\u015f\u00fcn arkas\u0131nda, b\u00fcy\u00fcyen operasyonlar\u0131 fonlamak i\u00e7in katlan\u0131lan ve kontrolden \u00e7\u0131kan finansman ve genel y\u00f6netim maliyetleri yat\u0131yor:\n<ul>\n<li><b>Finansman Giderleri:<\/b> \u015eirketin bor\u00e7lanma maliyetlerini de i\u00e7eren finansman giderleri, bir \u00f6nceki y\u0131l <b>-26.895.268 TL<\/b> iken, bu y\u0131l <b>-108.361.703 TL<\/b>&#8216;ye f\u0131rlad\u0131.<\/li>\n<li><b>Genel Y\u00f6netim Giderleri:<\/b> K\u00e2rl\u0131l\u0131\u011f\u0131 en \u00e7ok bask\u0131layan kalemlerden biri olan genel y\u00f6netim giderleri, <b>-77.328.233 TL<\/b>&#8216;den <b>-167.566.495 TL<\/b>&#8216;ye \u00e7\u0131karak iki kattan fazla artt\u0131.<\/li>\n<\/ul>\n<\/li>\n<li><b>Analiz:<\/b> Bu veriler, \u015firketin b\u00fcy\u00fcme ivmesini korumak i\u00e7in yo\u011fun \u00e7aba harcarken, artan operasyonel ve finansal maliyetlerin bask\u0131s\u0131 alt\u0131nda kald\u0131\u011f\u0131n\u0131 g\u00f6steriyor. Bu durum, \u015firketin net k\u00e2r marj\u0131n\u0131n 2024&#8217;teki sa\u011fl\u0131kl\u0131 %19,1 seviyesinden 2025&#8217;te sadece %5,4&#8217;e \u00e7\u00f6kmesine neden olarak, artan maliyetlerin k\u00e2rl\u0131l\u0131k \u00fczerindeki y\u0131k\u0131c\u0131 etkisini g\u00f6zler \u00f6n\u00fcne seriyor.<\/li>\n<\/ul>\n<h3>2. Agresif B\u00fcy\u00fcme Hamleleri: Yeni Ortakl\u0131klar ve Stratejik Yat\u0131r\u0131mlar<\/h3>\n<p>Finansal tablolardaki k\u0131sa vadeli bask\u0131ya ra\u011fmen, faaliyet raporu \u015firketin gelece\u011fe y\u00f6nelik olduk\u00e7a iddial\u0131 ad\u0131mlar att\u0131\u011f\u0131n\u0131 ortaya koyuyor.<\/p>\n<ul>\n<li><b>Yeni \u015eirket Kurulu\u015flar\u0131:<\/b> Pasifik Eurasia, pazar pay\u0131n\u0131 ve faaliyet alan\u0131n\u0131 geni\u015fletmek i\u00e7in bir dizi yeni \u015firket kurdu:\n<ul>\n<li><b>Pasifik Global Lojistik A.\u015e.:<\/b> T\u00fcrkiye-\u00c7in hatt\u0131ndaki ta\u015f\u0131mac\u0131l\u0131k ve lojistik faaliyetlerini art\u0131rmak amac\u0131yla kuruldu.<\/li>\n<li><b>Pasifik ISR Demiryolu Lojistik ve Ticaret A.\u015e.:<\/b> Demiryolu i\u015fletmecili\u011fi alan\u0131nda yeni bir stratejik ortakl\u0131k olarak faaliyete ge\u00e7ti.<\/li>\n<li><b>Pasifik Akg\u00fcnler K\u0131br\u0131s Lojistik D\u0131\u015f Ticaret Anonim \u015eirketi:<\/b> Kuzey K\u0131br\u0131s T\u00fcrk Cumhuriyeti&#8217;ndeki lojistik pazar\u0131nda yer almak i\u00e7in kuruldu.<\/li>\n<\/ul>\n<\/li>\n<li><b>Bilan\u00e7o Sonras\u0131 En \u00d6nemli Geli\u015fme:<\/b> Faaliyet raporunun sonunda yer alan geli\u015fme, belki de \u015firketin gelece\u011fini en \u00e7ok etkileyecek hamle olarak \u00f6ne \u00e7\u0131k\u0131yor.<\/li>\n<li><b>Analiz:<\/b> Bunlar sadece birer b\u00fcy\u00fcme hamlesi de\u011fil; giderek hayati \u00f6nem kazanan Orta Koridor&#8217;da uzun vadeli hakimiyet kurmak i\u00e7in k\u0131sa vadeli k\u00e2rdan feragat edildi\u011fini g\u00f6steren, bilin\u00e7li ve riskli ad\u0131mlard\u0131r.<\/li>\n<\/ul>\n<h3>3. Jeopolitik F\u0131rsatlar: Orta Koridor&#8217;un Y\u00fckselen Y\u0131ld\u0131z\u0131<\/h3>\n<p>Faaliyet raporu, \u015firketin sadece kendi operasyonlar\u0131na de\u011fil, ayn\u0131 zamanda k\u00fcresel lojistik dengelerindeki de\u011fi\u015fimlere de odakland\u0131\u011f\u0131n\u0131 g\u00f6steriyor.<\/p>\n<ul>\n<li><b>Koridorlar\u0131n De\u011fi\u015fen Dinamikleri:<\/b> Raporda belirtildi\u011fi \u00fczere, Rusya-Ukrayna sava\u015f\u0131 nedeniyle \u00c7in-Avrupa hatt\u0131ndaki geleneksel rota olan <b>Kuzey Koridoru<\/b>&#8216;nun \u00f6nemi azald\u0131. Benzer \u015fekilde, S\u00fcvey\u015f Kanal\u0131&#8217;ndaki istikrars\u0131zl\u0131klar da <b>G\u00fcney Koridoru<\/b>&#8216;nu daha riskli hale getirdi.<\/li>\n<li><b>Orta Koridor&#8217;un \u00d6nemi:<\/b> Bu jeopolitik geli\u015fmeler, T\u00fcrkiye \u00fczerinden ge\u00e7en ve Bak\u00fc-Tiflis-Kars (BTK) demiryolu hatt\u0131n\u0131 merkezine alan <b>Orta Koridor<\/b>&#8216;un stratejik \u00f6nemini tarihi bir seviyeye ta\u015f\u0131d\u0131.<\/li>\n<li><b>\u015eirketin Konumlanmas\u0131:<\/b> Pasifik Eurasia, bu f\u0131rsat\u0131 de\u011ferlendirmek i\u00e7in proaktif bir strateji izliyor. Yuxinou Logistics ve China Railway gibi \u00c7inli devlerle yap\u0131lan anla\u015fmalar ve TITR (Trans Hazar Uluslararas\u0131 Ta\u015f\u0131ma G\u00fczergah\u0131 Birli\u011fi) ile CASCA+ gibi uluslararas\u0131 birliklere yap\u0131lan \u00fcyelikler, \u015firketin Orta Koridor&#8217;daki etkinli\u011fini art\u0131rma hedefini net bir \u015fekilde ortaya koyuyor.<\/li>\n<li><b>Analiz:<\/b> \u015eirketin de\u011fi\u015fen jeopolitik dengeleri somut bir i\u015f f\u0131rsat\u0131na d\u00f6n\u00fc\u015ft\u00fcrme \u00e7abas\u0131, gelecekteki b\u00fcy\u00fcme potansiyelinin temel ta\u015flar\u0131ndan birini olu\u015fturuyor ve yat\u0131r\u0131mc\u0131lar i\u00e7in dikkatle izlenmesi gereken bir strateji olarak \u00f6ne \u00e7\u0131k\u0131yor.<\/li>\n<\/ul>\n<h3>4. Nakit Ak\u0131\u015f\u0131ndaki Dikkat \u00c7ekici Azalma<\/h3>\n<p>Bilan\u00e7o analizinde en \u00e7ok dikkat \u00e7eken noktalardan biri, \u015firketin kasas\u0131ndaki nakit pozisyonunda ya\u015fanan ciddi d\u00fc\u015f\u00fc\u015f oldu.<\/p>\n<ul>\n<li><b>Rakamlarla Durum:<\/b> \u015eirketin &#8220;Nakit ve nakit benzerleri&#8221; kalemi, 31 Aral\u0131k 2024 tarihinde <b>184.181.371 TL<\/b> iken, 30 Eyl\u00fcl 2025&#8217;te <b>85.068.168 TL<\/b>&#8216;ye geriledi.<\/li>\n<li><b>Nakit Ak\u0131\u015f Tablosu Analizi:<\/b> Bu d\u00fc\u015f\u00fc\u015f\u00fcn temel nedenini anlamak i\u00e7in Nakit Ak\u0131\u015f Tablosu&#8217;na bakmak gerekiyor. Tabloya g\u00f6re, \u015firketin &#8220;\u0130\u015fletme faaliyetlerinden elde edilen nakit ak\u0131\u015flar\u0131&#8221; kalemi <b>-305.282.031 TL<\/b> olarak ger\u00e7ekle\u015fti. Yani \u015firket, ana faaliyetlerinden nakit yaratmak yerine nakit harcam\u0131\u015f durumda.<\/li>\n<li><b>Temel Etkenler:<\/b> Basit bir ifadeyle \u015firket, m\u00fc\u015fterilerinden para toplad\u0131\u011f\u0131ndan daha h\u0131zl\u0131 bir \u015fekilde tedarik\u00e7ilerine \u00f6deme yaparken, ayn\u0131 zamanda ili\u015fkili taraflara daha fazla bor\u00e7 vermi\u015f ve bu durum y\u00fcksek ciroya ra\u011fmen ana faaliyetlerinde ciddi bir nakit a\u00e7\u0131\u011f\u0131 yaratm\u0131\u015ft\u0131r.<\/li>\n<li><b>Analiz:<\/b> Cironun h\u0131zla artt\u0131\u011f\u0131 bir d\u00f6nemde ana faaliyetlerden negatif nakit ak\u0131\u015f\u0131 yarat\u0131lmas\u0131, \u015firketin ya i\u015fletme sermayesi y\u00f6netiminde zorland\u0131\u011f\u0131n\u0131 ya da agresif b\u00fcy\u00fcme stratejisi i\u00e7in yo\u011fun harcama yapt\u0131\u011f\u0131n\u0131 g\u00f6sterir. Bu durum, \u015firketin likidite y\u00f6netimi a\u00e7\u0131s\u0131ndan yak\u0131ndan izlenmesi gereken kritik bir g\u00f6sterge olsa da, ufukta g\u00f6r\u00fcnen Arkas yat\u0131r\u0131m\u0131, bu stratejik nakit yak\u0131m oran\u0131n\u0131n planl\u0131 ve \u00f6nemli bir fonlama \u00e7\u00f6z\u00fcm\u00fcyle desteklendi\u011fine i\u015faret ediyor.<\/li>\n<\/ul>\n<h3>5. \u0130kiye Katlanan Y\u00f6netim Giderleri: B\u00fcy\u00fcmenin Bedeli mi?<\/h3>\n<p>K\u00e2rl\u0131l\u0131\u011f\u0131 bask\u0131layan en somut fakt\u00f6rlerden biri olan genel y\u00f6netim giderlerindeki art\u0131\u015f, b\u00fcy\u00fcmenin getirdi\u011fi maliyeti g\u00f6zler \u00f6n\u00fcne seriyor.<\/p>\n<ul>\n<li><b>Genel Art\u0131\u015f:<\/b> Genel y\u00f6netim giderleri, \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re <b>77.328.233 TL<\/b>&#8216;den <b>167.566.495 TL<\/b>&#8216;ye y\u00fckselerek iki kattan fazla bir art\u0131\u015f g\u00f6sterdi.<\/li>\n<li><b>Gider Detaylar\u0131:<\/b> Bu art\u0131\u015f\u0131n i\u00e7indeki en \u00e7arp\u0131c\u0131 kalemler \u015funlar:\n<ul>\n<li><b>Personel giderleri:<\/b> 36 Milyon TL&#8217;den 71 Milyon TL&#8217;ye y\u00fckselmi\u015f.<\/li>\n<li><b>Dan\u0131\u015fmanl\u0131k giderleri:<\/b> 3.1 Milyon TL&#8217;den 31.6 Milyon TL&#8217;ye f\u0131rlam\u0131\u015f.<\/li>\n<li><b>Seyahat giderleri:<\/b> 2.7 Milyon TL&#8217;den 22.1 Milyon TL&#8217;ye \u00e7\u0131km\u0131\u015f.<\/li>\n<\/ul>\n<\/li>\n<li><b>Personel Say\u0131s\u0131:<\/b> Bu gider art\u0131\u015f\u0131n\u0131 destekleyen bir di\u011fer veri ise personel say\u0131s\u0131ndaki \u00e7arp\u0131c\u0131 art\u0131\u015f. \u015eirketin toplam personel say\u0131s\u0131 30 Eyl\u00fcl 2024&#8217;te <b>37<\/b> ki\u015fi iken, 30 Eyl\u00fcl 2025&#8217;te <b>88<\/b>&#8216;e y\u00fckselerek bir y\u0131lda iki kattan fazla artt\u0131\u011f\u0131n\u0131 g\u00f6steriyor.<\/li>\n<li><b>Analiz:<\/b> Bu rakamlar basit bir kurumsalla\u015fma \u00e7abas\u0131n\u0131n \u00f6tesinde, radikal bir d\u00f6n\u00fc\u015f\u00fcm\u00fcn somut kan\u0131tlar\u0131d\u0131r. Dan\u0131\u015fmanl\u0131k ve seyahat giderlerindeki fahi\u015f art\u0131\u015flar, \u015firketin ulusal bir oyuncu olmaktan \u00e7\u0131k\u0131p, 2. ve 3. b\u00f6l\u00fcmlerde detayland\u0131r\u0131lan yeni ortakl\u0131klar ve uluslararas\u0131 anla\u015fmalarla Orta Koridor&#8217;da k\u00fcresel bir akt\u00f6r olma stratejisinin elle tutulur maliyetidir.<\/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<h3>Sonu\u00e7: Stratejik Sab\u0131r m\u0131, Y\u00fcksek Risk mi?<\/h3>\n<p>Pasifik Eurasia&#8217;n\u0131n finansal tablolar\u0131, iki farkl\u0131 hikayeyi ayn\u0131 anda anlatan bir tablo sunuyor. Bir yanda ciro b\u00fcy\u00fcmesi, jeopolitik f\u0131rsatlar\u0131 (Orta Koridor) de\u011ferlendirme ve dev ortakl\u0131klarla gelece\u011fe yat\u0131r\u0131m yaparak agresif bir geni\u015fleme politikas\u0131 izleyen bir \u015firket var. Di\u011fer yanda ise \u015firketin mevcut operasyonlar\u0131n\u0131n s\u00fcrd\u00fcr\u00fclemez bir oranda nakit yakt\u0131\u011f\u0131n\u0131 g\u00f6steren artan maliyetler, azalan k\u00e2rl\u0131l\u0131k ve negatif nakit ak\u0131\u015f\u0131 gibi finansal bask\u0131lar bulunuyor.<\/p>\n<p>Arkas ile yap\u0131lan dev ortakl\u0131k sadece bir b\u00fcy\u00fcme f\u0131rsat\u0131 de\u011fil, ayn\u0131 zamanda bu agresif harcama stratejisini do\u011frulayan ve \u015firkete kritik bir finansal can simidi sunan bir d\u00f6n\u00fcm noktas\u0131d\u0131r. Bu potansiyelin realize olmas\u0131 zaman alacakt\u0131r.<\/p>\n<p>Bu noktada yat\u0131r\u0131mc\u0131lar\u0131n sormas\u0131 gereken soru \u015fudur: &#8220;Peki sizce, Pasifik Eurasia&#8217;n\u0131n bu agresif b\u00fcy\u00fcme stratejisi, gelecekte s\u00fcrd\u00fcr\u00fclebilir bir k\u00e2rl\u0131l\u0131\u011fa d\u00f6n\u00fc\u015fecek mi, yoksa \u015firket k\u0131sa vadeli finansal bask\u0131lar\u0131n alt\u0131nda zorlanacak m\u0131?&#8221;<\/p>\n<p>&nbsp;<\/p>\n<h1><span style=\"color: #0000ff;\">Pasifik Eurasia Lojistik D\u0131\u015f Ticaret A.\u015e. 2025 \u00dc\u00e7\u00fcnc\u00fc \u00c7eyrek Durum De\u011ferlendirmesi<\/span><\/h1>\n<h2>Y\u00f6netici \u00d6zeti<\/h2>\n<p>Bu brifing belgesi, Pasifik Eurasia Lojistik D\u0131\u015f Ticaret A.\u015e. ve ba\u011fl\u0131 ortakl\u0131klar\u0131n\u0131n (&#8220;Grup&#8221;) 1 Ocak &#8211; 30 Eyl\u00fcl 2025 ara d\u00f6nemine ait konsolide finansal tablolar\u0131 ve faaliyet raporunu sentezleyerek Grubun performans\u0131, stratejik konumu ve kurumsal yap\u0131s\u0131 hakk\u0131nda kapsaml\u0131 bir analiz sunmaktad\u0131r.<\/p>\n<p>D\u00f6nemin \u00f6ne \u00e7\u0131kan finansal geli\u015fmesi, Grubun has\u0131lat\u0131n\u0131n ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %71 artarak 1,08 milyar TL&#8217;den 1,84 milyar TL&#8217;ye y\u00fckselmesidir. Bu b\u00fcy\u00fcme, \u00f6zellikle uluslararas\u0131 lojistik hizmet gelirlerindeki art\u0131\u015ftan kaynaklanm\u0131\u015ft\u0131r. Ancak artan sat\u0131\u015f maliyetleri ve genel y\u00f6netim giderleri neticesinde, Grubun net d\u00f6nem k\u00e2r\u0131 bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemindeki 206,1 milyon TL&#8217;den 99 milyon TL&#8217;ye gerilemi\u015ftir. Finansal durum tablosunda, toplam varl\u0131klar 3,85 milyar TL&#8217;ye ula\u015f\u0131rken, nakit ak\u0131\u015f tablosu i\u015fletme faaliyetlerinden 305,3 milyon TL&#8217;lik negatif nakit ak\u0131\u015f\u0131 g\u00f6stermektedir.<\/p>\n<p>Operasyonel olarak Grup, jeopolitik geli\u015fmelerle \u00f6nemi artan Orta Koridor ve Bak\u00fc-Tiflis-Kars (BTK) demiryolu hatt\u0131ndaki stratejik konumunu g\u00fc\u00e7lendirmeye devam etmi\u015ftir. Rusya-Ukrayna sava\u015f\u0131 ve S\u00fcvey\u015f Kanal\u0131&#8217;ndaki istikrars\u0131zl\u0131klar, \u00c7in-Avrupa aras\u0131ndaki ta\u015f\u0131mac\u0131l\u0131kta bu g\u00fczergah\u0131 daha kritik hale getirmi\u015ftir. Grup, bu potansiyeli de\u011ferlendirmek amac\u0131yla Pasifik Global Lojistik A.\u015e. ve Pasifik ISR Demiryolu Lojistik ve Ticaret A.\u015e. gibi yeni ortakl\u0131klar kurarak \u00c7in ve Avrupa y\u00f6nl\u00fc operasyonel kabiliyetini art\u0131rm\u0131\u015ft\u0131r.<\/p>\n<p>Raporlama d\u00f6nemi sonras\u0131 en kritik stratejik geli\u015fme, Grubun ba\u011fl\u0131 ortakl\u0131\u011f\u0131 Pasifik DT\u0130&#8217;nin, Arkas Lojistik A.\u015e. ile 5 Kas\u0131m 2025&#8217;te imzalad\u0131\u011f\u0131 ortakl\u0131k s\u00f6zle\u015fmesidir. Bu anla\u015fma kapsam\u0131nda Arkas Lojistik, 1,17 milyar TL&#8217;lik bir yat\u0131r\u0131mla \u015firkete %50 ortak olacakt\u0131r. &#8220;Pasifik Arkas Demiryolu Tren \u0130\u015fletmecili\u011fi A.\u015e.&#8221; ad\u0131n\u0131 alacak bu yeni yap\u0131, Grubun demiryolu ta\u015f\u0131mac\u0131l\u0131\u011f\u0131ndaki pazar konumunu \u00f6nemli \u00f6l\u00e7\u00fcde g\u00fc\u00e7lendirecektir.<\/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>1. Finansal Performans Analizi (1 Ocak &#8211; 30 Eyl\u00fcl 2025)<\/h2>\n<p>Grubun 30 Eyl\u00fcl 2025&#8217;te sona eren dokuz ayl\u0131k d\u00f6neme ait finansal performans\u0131, artan has\u0131lata ra\u011fmen k\u00e2rl\u0131l\u0131ktaki d\u00fc\u015f\u00fc\u015f ile karakterize edilmektedir. Finansal tablolar, TMS 29 (Y\u00fcksek Enflasyonlu Ekonomilerde Finansal Raporlama) standard\u0131na uygun olarak haz\u0131rlanm\u0131\u015f olup, tutarlar 30 Eyl\u00fcl 2025 tarihindeki T\u00fcrk Liras\u0131&#8217;n\u0131n sat\u0131n alma g\u00fcc\u00fc cinsinden ifade edilmi\u015ftir.<\/p>\n<h3>1.1. K\u00e2r veya Zarar Tablosu Analizi<\/h3>\n<p>Grubun 2025 y\u0131l\u0131n\u0131n ilk dokuz ay\u0131ndaki gelir tablosu, bir \u00f6nceki y\u0131l\u0131n ayn\u0131 d\u00f6nemiyle kar\u015f\u0131la\u015ft\u0131r\u0131ld\u0131\u011f\u0131nda \u00f6nemli de\u011fi\u015fimler g\u00f6stermektedir.<\/p>\n<ul>\n<li><b>Has\u0131lat:<\/b> Grubun has\u0131lat\u0131, ge\u00e7en y\u0131l\u0131n ayn\u0131 d\u00f6nemine g\u00f6re %71 artarak 1.077.016.533 TL&#8217;den 1.841.976.985 TL&#8217;ye y\u00fckselmi\u015ftir. Bu art\u0131\u015f\u0131n ana kayna\u011f\u0131, 1.009.963.625 TL&#8217;den 1.782.216.679 TL&#8217;ye \u00e7\u0131kan yurtd\u0131\u015f\u0131 lojistik hizmet gelirleridir.<\/li>\n<li><b>Br\u00fct K\u00e2r:<\/b> Sat\u0131\u015flar\u0131n maliyetindeki art\u0131\u015fa ra\u011fmen, br\u00fct k\u00e2r %70,5 art\u0131\u015fla 262.549.216 TL&#8217;den 447.656.684 TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r.<\/li>\n<li><b>Faaliyet Giderleri:<\/b> Genel y\u00f6netim giderleri, ge\u00e7en y\u0131la g\u00f6re %117&#8217;lik bir art\u0131\u015fla 77.328.233 TL&#8217;den 167.566.495 TL&#8217;ye y\u00fckselmi\u015ftir. Bu art\u0131\u015f, k\u00e2rl\u0131l\u0131k \u00fczerinde \u00f6nemli bir bask\u0131 olu\u015fturmu\u015ftur.<\/li>\n<li><b>Esas Faaliyet K\u00e2r\u0131:<\/b> Faaliyet giderlerindeki art\u0131\u015fa ra\u011fmen esas faaliyet k\u00e2r\u0131, %35 artarak 231.433.370 TL&#8217;den 312.197.727 TL&#8217;ye \u00e7\u0131km\u0131\u015ft\u0131r.<\/li>\n<li><b>Net D\u00f6nem K\u00e2r\u0131:<\/b> Finansman giderlerindeki art\u0131\u015f ve 131,4 milyon TL&#8217;lik net parasal pozisyon kayb\u0131, vergi \u00f6ncesi k\u00e2r\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde d\u00fc\u015f\u00fcrm\u00fc\u015ft\u00fcr. Sonu\u00e7 olarak, ana ortakl\u0131k paylar\u0131na d\u00fc\u015fen net d\u00f6nem k\u00e2r\u0131, 206.222.878 TL&#8217;den 111.159.000 TL&#8217;ye gerilemi\u015ftir.<\/li>\n<li><b>Pay Ba\u015f\u0131na Kazan\u00e7:<\/b> Net k\u00e2rdaki d\u00fc\u015f\u00fc\u015fe paralel olarak hisse ba\u015f\u0131na kazan\u00e7 0,3067 TL&#8217;den 0,1473 TL&#8217;ye d\u00fc\u015fm\u00fc\u015ft\u00fcr.<\/li>\n<\/ul>\n<p><b>\u00d6zet K\u00e2r veya Zarar Tablosu (1 Ocak &#8211; 30 Eyl\u00fcl D\u00f6nemleri)<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Kalem<\/td>\n<td>2025 (TL)<\/td>\n<td>2024 (TL)<\/td>\n<td>De\u011fi\u015fim (%)<\/td>\n<\/tr>\n<tr>\n<td><b>Has\u0131lat<\/b><\/td>\n<td><b>1.841.976.985<\/b><\/td>\n<td><b>1.077.016.533<\/b><\/td>\n<td><b>+71,0%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Sat\u0131\u015flar\u0131n Maliyeti (-)<\/td>\n<td>(1.394.320.301)<\/td>\n<td>(814.467.317)<\/td>\n<td>+71,2%<\/td>\n<\/tr>\n<tr>\n<td><b>Br\u00fct K\u00e2r<\/b><\/td>\n<td><b>447.656.684<\/b><\/td>\n<td><b>262.549.216<\/b><\/td>\n<td><b>+70,5%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Genel Y\u00f6netim Giderleri (-)<\/td>\n<td>(167.566.495)<\/td>\n<td>(77.328.233)<\/td>\n<td>+116,7%<\/td>\n<\/tr>\n<tr>\n<td><b>Esas Faaliyet K\u00e2r\u0131<\/b><\/td>\n<td><b>312.197.727<\/b><\/td>\n<td><b>231.433.370<\/b><\/td>\n<td><b>+34,9%<\/b><\/td>\n<\/tr>\n<tr>\n<td>S\u00fcrd\u00fcr\u00fclen Faaliyetler Vergi \u00d6ncesi K\u00e2r\u0131<\/td>\n<td>120.333.071<\/td>\n<td>274.606.855<\/td>\n<td>-56,2%<\/td>\n<\/tr>\n<tr>\n<td><b>Net D\u00f6nem K\u00e2r\u0131<\/b><\/td>\n<td><b>99.006.194<\/b><\/td>\n<td><b>206.116.055<\/b><\/td>\n<td><b>-52,0%<\/b><\/td>\n<\/tr>\n<tr>\n<td>Ana Ortakl\u0131k Paylar\u0131<\/td>\n<td>111.159.000<\/td>\n<td>206.222.878<\/td>\n<td>-46,1%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>1.2. Finansal Durum Tablosu (Bilan\u00e7o) Analizi<\/h3>\n<p>Grubun bilan\u00e7osu, 31 Aral\u0131k 2024 tarihine k\u0131yasla varl\u0131k ve kaynak yap\u0131s\u0131nda dengeli bir b\u00fcy\u00fcme g\u00f6stermektedir.<\/p>\n<ul>\n<li><b>Varl\u0131klar:<\/b> Toplam varl\u0131klar %3,3 artarak 3.724.024.637 TL&#8217;den 3.847.706.274 TL&#8217;ye y\u00fckselmi\u015ftir.\n<ul>\n<li><b>D\u00f6nen Varl\u0131klar:<\/b> 2.238.291.048 TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r. Bu kalemde en dikkat \u00e7ekici de\u011fi\u015fim, nakit ve nakit benzerlerinin 184,2 milyon TL&#8217;den 85,1 milyon TL&#8217;ye d\u00fc\u015fmesi ve di\u011fer alacaklar\u0131n 163,5 milyon TL&#8217;den 350,7 milyon TL&#8217;ye y\u00fckselmesidir. Ticari alacaklar ise 1,6 milyar TL seviyesinde stabil kalm\u0131\u015ft\u0131r.<\/li>\n<li><b>Duran Varl\u0131klar:<\/b> 1.609.415.226 TL seviyesindedir. En b\u00fcy\u00fck kalem, 1,36 milyar TL ile yat\u0131r\u0131m ama\u00e7l\u0131 gayrimenkullerdir.<\/li>\n<\/ul>\n<\/li>\n<li><b>Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> Toplam y\u00fck\u00fcml\u00fcl\u00fckler 1.450.605.669 TL olarak ger\u00e7ekle\u015fmi\u015ftir.\n<ul>\n<li><b>K\u0131sa Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> 1.267.739.927 TL&#8217;den 1.085.776.662 TL&#8217;ye gerilemi\u015ftir. Bu d\u00fc\u015f\u00fc\u015fte, ticari bor\u00e7lar\u0131n 1,09 milyar TL&#8217;den 871 milyon TL&#8217;ye inmesi etkili olmu\u015ftur.<\/li>\n<li><b>Uzun Vadeli Y\u00fck\u00fcml\u00fcl\u00fckler:<\/b> Uzun vadeli banka kredilerindeki art\u0131\u015f nedeniyle 177.292.039 TL&#8217;den 364.829.007 TL&#8217;ye y\u00fckselmi\u015ftir.<\/li>\n<\/ul>\n<\/li>\n<li><b>\u00d6zkaynaklar:<\/b> Grubun \u00f6zkaynaklar\u0131, d\u00f6nem k\u00e2r\u0131n\u0131n da etkisiyle %5,2 artarak 2.278.992.671 TL&#8217;den 2.397.100.605 TL&#8217;ye ula\u015fm\u0131\u015ft\u0131r.<\/li>\n<\/ul>\n<h3>1.3. Nakit Ak\u0131\u015f Analizi<\/h3>\n<p>Grubun nakit pozisyonu d\u00f6nem i\u00e7inde azalm\u0131\u015ft\u0131r.<\/p>\n<ul>\n<li><b>\u0130\u015fletme Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131:<\/b> Grup, i\u015fletme faaliyetlerinden <b>-305.282.031 TL<\/b> net nakit \u00e7\u0131k\u0131\u015f\u0131 ya\u015fam\u0131\u015ft\u0131r. Bu negatif ak\u0131\u015f\u0131n ana nedenleri ticari bor\u00e7lardaki azal\u0131\u015f ve faaliyetlerle ilgili di\u011fer alacaklardaki art\u0131\u015ft\u0131r.<\/li>\n<li><b>Yat\u0131r\u0131m Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131:<\/b> Maddi ve maddi olmayan duran varl\u0131k al\u0131mlar\u0131 nedeniyle yat\u0131r\u0131m faaliyetlerinden <b>-8.202.708 TL<\/b> nakit \u00e7\u0131k\u0131\u015f\u0131 ger\u00e7ekle\u015fmi\u015ftir.<\/li>\n<li><b>Finansman Faaliyetlerinden Nakit Ak\u0131\u015flar\u0131:<\/b> Bor\u00e7lanmalardan elde edilen giri\u015fler sayesinde finansman faaliyetlerinden <b>214.371.536 TL<\/b> net nakit giri\u015fi sa\u011flanm\u0131\u015ft\u0131r.<\/li>\n<li><b>Net Nakit De\u011fi\u015fimi:<\/b> T\u00fcm faaliyetler sonucunda Grubun nakit ve nakit benzerleri d\u00f6nem i\u00e7inde <b>99.113.203 TL<\/b> azalm\u0131\u015f ve d\u00f6nem sonu bakiyesi <b>85.068.168 TL<\/b> olmu\u015ftur.<\/li>\n<\/ul>\n<h2>2. Operasyonel Faaliyetler ve Stratejik Geli\u015fmeler<\/h2>\n<p>Pasifik Eurasia, \u00f6zellikle demiryolu ta\u015f\u0131mac\u0131l\u0131\u011f\u0131na odaklanarak ulusal ve uluslararas\u0131 lojistik hizmetleri sunmaktad\u0131r. \u015eirketin stratejisi, T\u00fcrkiye&#8217;nin jeopolitik konumundan faydalanarak Asya ve Avrupa aras\u0131ndaki ticaret koridorlar\u0131nda kilit bir oyuncu olmakt\u0131r.<\/p>\n<h3>2.1. Stratejik Odak: Orta Koridor ve BTK Demiryolu Hatt\u0131<\/h3>\n<p>Faaliyet raporu, \u015firketin 2019 y\u0131l\u0131nda demiryolu sekt\u00f6r\u00fcne giri\u015f yapmas\u0131ndan bu yana kaydetti\u011fi ilerlemeyi detayland\u0131rmaktad\u0131r. Bu stratejinin temel nedenleri \u015funlard\u0131r:<\/p>\n<ul>\n<li><b>Jeopolitik Konum:<\/b> T\u00fcrkiye\u2019nin Asya, Orta Do\u011fu ve Avrupa aras\u0131nda bir k\u00f6pr\u00fc olmas\u0131.<\/li>\n<li><b>Demir \u0130pek Yolu:<\/b> &#8220;Orta Koridor&#8221; giri\u015fiminin bir par\u00e7as\u0131 olarak Bak\u00fc-Tiflis-Kars (BTK) demiryolu hatt\u0131n\u0131n 2017&#8217;de a\u00e7\u0131lmas\u0131.<\/li>\n<li><b>Avrupa Ye\u015fil Mutabakat\u0131:<\/b> Karayolu pay\u0131n\u0131 d\u00fc\u015f\u00fcr\u00fcp demiryolu ta\u015f\u0131mac\u0131l\u0131\u011f\u0131n\u0131 te\u015fvik eden d\u00fczenlemeler.<\/li>\n<li><b>Jeopolitik De\u011fi\u015fimler:<\/b> Rusya-Ukrayna sava\u015f\u0131 sonras\u0131 Kuzey Koridoru&#8217;nun \u00f6nemini yitirmesi ve Aden\/S\u00fcvey\u015f Kanal\u0131&#8217;ndaki istikrars\u0131zl\u0131klar\u0131n, Orta Koridor&#8217;u \u00c7in-Avrupa ticareti i\u00e7in daha cazip hale getirmesi.<\/li>\n<\/ul>\n<p>\u015eirket, bu koridordaki etkinli\u011fini art\u0131rmak i\u00e7in TCDD, Kazakistan (KTZ Ekspress), Azerbaycan (ADY Container) ve Rusya (RZD) demiryollar\u0131 gibi kilit operat\u00f6rlerle stratejik anla\u015fmalar imzalam\u0131\u015ft\u0131r. Ayr\u0131ca Trans-Hazar Uluslararas\u0131 Ta\u015f\u0131ma G\u00fczergah\u0131 Birli\u011fi (TITR) ve CASCA+ birli\u011fi \u00fcyelikleri ile koridor \u00fczerindeki politika ve tarifelerde s\u00f6z sahibi olmu\u015ftur. 2024-2025 d\u00f6neminde BTK hatt\u0131ndaki bak\u0131m \u00e7al\u0131\u015fmalar\u0131n\u0131n tamamlanmas\u0131 ve kapasitenin art\u0131r\u0131lmas\u0131, \u015firketin operasyonel verimlili\u011fini desteklemi\u015ftir.<\/p>\n<h3>2.2. Ba\u011fl\u0131 Ortakl\u0131klar ve Yeni \u0130\u015f Birlikleri<\/h3>\n<p>Grup, faaliyet alanlar\u0131n\u0131 geni\u015fletmek ve stratejik hedeflerine ula\u015fmak amac\u0131yla \u00e7e\u015fitli ba\u011fl\u0131 ortakl\u0131klar ve i\u015ftirakler kurmu\u015ftur.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ba\u011fl\u0131 Ortakl\u0131k \/ \u0130\u015ftirak<\/td>\n<td>Kurulu\u015f\/Edinme<\/td>\n<td>Faaliyet Alan\u0131<\/td>\n<td>Hisse Oran\u0131 (%)<\/td>\n<\/tr>\n<tr>\n<td><b>PSF Pasifik Corporation<\/b><\/td>\n<td>2023<\/td>\n<td>Gemi al\u0131m-sat\u0131m, kiralama ve operat\u00f6rl\u00fc\u011f\u00fc<\/td>\n<td>100<\/td>\n<\/tr>\n<tr>\n<td><b>Pasifik Eurasia Demiryolu Tren \u0130\u015fletmecili\u011fi A.\u015e.<\/b><\/td>\n<td>2023<\/td>\n<td>Demiryolu tren i\u015fletmecili\u011fi<\/td>\n<td>100<\/td>\n<\/tr>\n<tr>\n<td><b>Pasifik Global Lojistik A.\u015e.<\/b><\/td>\n<td>2024<\/td>\n<td>T\u00fcrkiye-\u00c7in aras\u0131 ta\u015f\u0131mac\u0131l\u0131k ve lojistik<\/td>\n<td>51<\/td>\n<\/tr>\n<tr>\n<td><b>Pasifik ISR Demiryolu Lojistik ve Ticaret A.\u015e.<\/b><\/td>\n<td>2024<\/td>\n<td>\u00c7in-T\u00fcrkiye-Avrupa aras\u0131 demiryolu i\u015fletmecili\u011fi<\/td>\n<td>51<\/td>\n<\/tr>\n<tr>\n<td><b>Pasifik Akg\u00fcnler K\u0131br\u0131s Lojistik D\u0131\u015f Tic. A.\u015e.<\/b><\/td>\n<td>2025<\/td>\n<td>KKTC&#8217;de y\u00fck ta\u015f\u0131mac\u0131l\u0131\u011f\u0131, liman ve depolama<\/td>\n<td>50<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Bu ortakl\u0131klar, Grubun \u00f6zellikle \u00c7in g\u00fczergah\u0131ndaki operasyonel etkinli\u011fini, ta\u015f\u0131ma hacmini ve rekabet g\u00fcc\u00fcn\u00fc art\u0131rma hedefini desteklemektedir.<\/p>\n<h3>2.3. Bilan\u00e7o Tarihi Sonras\u0131 \u00d6nemli Geli\u015fmeler: Arkas Lojistik Ortakl\u0131\u011f\u0131<\/h3>\n<p>Raporlama d\u00f6neminden sonra ger\u00e7ekle\u015fen en \u00f6nemli olay, 5 Kas\u0131m 2025&#8217;te imzalanan ortakl\u0131k s\u00f6zle\u015fmesidir.<\/p>\n<ul>\n<li><b>Taraflar:<\/b> Pasifik Eurasia&#8217;n\u0131n ba\u011fl\u0131 ortakl\u0131\u011f\u0131 Pasifik Demiryolu Tren \u0130\u015fletmecili\u011fi (Pasifik DT\u0130) ve Arkas Lojistik A.\u015e.<\/li>\n<li><b>Anla\u015fma:<\/b> Arkas Lojistik, Pasifik DT\u0130&#8217;ye <b>1.170.000.000 TL<\/b> yat\u0131r\u0131m yapacakt\u0131r. Bu yat\u0131r\u0131m, 90 milyon TL sermaye art\u0131r\u0131m\u0131 ve 1.080.000.000 TL ihra\u00e7 priminden olu\u015fmaktad\u0131r.<\/li>\n<li><b>Sonu\u00e7:<\/b> Pasifik DT\u0130&#8217;nin sermayesi 180 milyon TL&#8217;ye \u00e7\u0131kacak, hisselerin %50&#8217;si Pasifik Eurasia&#8217;ya, %50&#8217;si Arkas Lojistik&#8217;e ait olacakt\u0131r.<\/li>\n<li><b>Yeni Unvan:<\/b> \u015eirketin ad\u0131 <b>Pasifik Arkas Demiryolu Tren \u0130\u015fletmecili\u011fi A.\u015e.<\/b> olarak de\u011fi\u015ftirilecektir.<\/li>\n<\/ul>\n<p>Bu ortakl\u0131k, demiryolu ta\u015f\u0131mac\u0131l\u0131\u011f\u0131 alan\u0131nda sekt\u00f6r\u00fcn en b\u00fcy\u00fck oyuncular\u0131ndan birini yaratma potansiyeli ta\u015f\u0131maktad\u0131r.<\/p>\n<h2>3. Kurumsal Yap\u0131 ve Y\u00f6netim<\/h2>\n<h3>3.1. Y\u00f6netim Kurulu ve Komiteler<\/h3>\n<p>\u015eirket Y\u00f6netim Kurulu, ikisi ba\u011f\u0131ms\u0131z olmak \u00fczere be\u015f \u00fcyeden olu\u015fmaktad\u0131r.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ad\u0131 Soyad\u0131<\/td>\n<td>G\u00f6revi<\/td>\n<td>Niteli\u011fi<\/td>\n<\/tr>\n<tr>\n<td>Fatih Nusret DUR<\/td>\n<td>Y\u00f6netim Kurulu Ba\u015fkan\u0131<\/td>\n<td>\u0130crac\u0131, Ba\u011f\u0131ms\u0131z Olmayan \u00dcye<\/td>\n<\/tr>\n<tr>\n<td>Erol ERKAN<\/td>\n<td>Y\u00f6netim Kurulu Ba\u015fkan Vekili<\/td>\n<td>\u0130crac\u0131, Ba\u011f\u0131ms\u0131z Olmayan \u00dcye<\/td>\n<\/tr>\n<tr>\n<td>Alparslan Cemail BATUK<\/td>\n<td>Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<td>\u0130crac\u0131 Olmayan, Ba\u011f\u0131ms\u0131z Olmayan \u00dcye<\/td>\n<\/tr>\n<tr>\n<td>Ercan DEM\u0130RC\u0130<\/td>\n<td>Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<td>\u0130crac\u0131 Olmayan, Ba\u011f\u0131ms\u0131z \u00dcye<\/td>\n<\/tr>\n<tr>\n<td>Atakan YILMAZ<\/td>\n<td>Y\u00f6netim Kurulu \u00dcyesi<\/td>\n<td>\u0130crac\u0131 Olmayan, Ba\u011f\u0131ms\u0131z \u00dcye<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Y\u00f6netim Kurulu&#8217;na ba\u011fl\u0131 olarak Denetimden Sorumlu Komite, Kurumsal Y\u00f6netim Komitesi ve Riskin Erken Saptanmas\u0131 Komitesi faaliyet g\u00f6stermektedir.<\/p>\n<h3>3.2. Sermaye ve Ortakl\u0131k Yap\u0131s\u0131<\/h3>\n<p>30 Eyl\u00fcl 2025 itibar\u0131yla \u015firketin sermaye ve ortakl\u0131k yap\u0131s\u0131 a\u015fa\u011f\u0131daki gibidir:<\/p>\n<ul>\n<li><b>\u00c7\u0131kar\u0131lm\u0131\u015f Sermaye:<\/b> 672.000.000 TL<\/li>\n<li><b>Kay\u0131tl\u0131 Sermaye Tavan\u0131:<\/b> 9.000.000.000 TL<\/li>\n<li><b>Pay Gruplar\u0131:<\/b> Sermaye, 120.000.000 adet A grubu (imtiyazl\u0131, nama yaz\u0131l\u0131) ve 552.000.000 adet B grubu paydan olu\u015fmaktad\u0131r. A grubu imtiyazl\u0131 paylar\u0131n tamam\u0131 Pasifik Holding A.\u015e.&#8217;ye aittir ve y\u00f6netim kurulunun yar\u0131s\u0131n\u0131 se\u00e7me hakk\u0131 tan\u0131maktad\u0131r.<\/li>\n<\/ul>\n<p><b>%5 ve \u00dczeri Paya Sahip Ortaklar (30.09.2025)<\/b><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Ortak<\/td>\n<td>Sermayedeki Pay\u0131 (TL)<\/td>\n<td>Sermaye Oran\u0131 (%)<\/td>\n<td>Oy Hakk\u0131 Oran\u0131 (%)<\/td>\n<\/tr>\n<tr>\n<td>Pasifik Holding A.\u015e.<\/td>\n<td>120.000.000<\/td>\n<td>17,86<\/td>\n<td>52,08<\/td>\n<\/tr>\n<tr>\n<td>Pardus Portf\u00f6y Y\u00f6n. A.\u015e. D\u00f6rd\u00fcnc\u00fc GSYF<\/td>\n<td>120.000.000<\/td>\n<td>17,86<\/td>\n<td>10,42<\/td>\n<\/tr>\n<tr>\n<td>Pasifik Gayrimenkul Yat\u0131r\u0131m \u0130n\u015faat A.\u015e.<\/td>\n<td>60.000.000<\/td>\n<td>8,93<\/td>\n<td>5,21<\/td>\n<\/tr>\n<tr>\n<td>Mehmet Erdo\u011fan<\/td>\n<td>52.328.002<\/td>\n<td>7,79<\/td>\n<td>4,54<\/td>\n<\/tr>\n<tr>\n<td>Abdulkerim F\u0131rat<\/td>\n<td>52.188.001<\/td>\n<td>7,77<\/td>\n<td>4,53<\/td>\n<\/tr>\n<tr>\n<td>Fatih Erdo\u011fan<\/td>\n<td>52.187.997<\/td>\n<td>7,77<\/td>\n<td>4,53<\/td>\n<\/tr>\n<tr>\n<td>Di\u011fer (Halka A\u00e7\u0131k)<\/td>\n<td>215.296.000<\/td>\n<td>32,02<\/td>\n<td>18,69<\/td>\n<\/tr>\n<tr>\n<td><b>Toplam<\/b><\/td>\n<td><b>672.000.000<\/b><\/td>\n<td><b>100<\/b><\/td>\n<td><b>100<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2>4. Riskler ve De\u011ferlendirmeler<\/h2>\n<h3>4.1. Finansal Riskler: Kur Riski<\/h3>\n<p>Grup, uluslararas\u0131 faaliyetleri nedeniyle \u00f6nemli \u00f6l\u00e7\u00fcde yabanc\u0131 para riskine maruz kalmaktad\u0131r. 30 Eyl\u00fcl 2025 itibar\u0131yla Grubun d\u00f6viz pozisyonu a\u015fa\u011f\u0131daki gibidir:<\/p>\n<ul>\n<li><b>Toplam Yabanc\u0131 Para Varl\u0131klar\u0131:<\/b> 886.122.304 TL<\/li>\n<li><b>Toplam Yabanc\u0131 Para Y\u00fck\u00fcml\u00fcl\u00fckleri:<\/b> 351.053.176 TL<\/li>\n<li><b>Net Yabanc\u0131 Para Varl\u0131k Pozisyonu:<\/b> <b>535.069.128 TL<\/b><\/li>\n<\/ul>\n<p>Grubun \u00f6nemli miktarda d\u00f6viz fazlas\u0131 bulunmaktad\u0131r. Bu durum, T\u00fcrk Liras\u0131&#8217;n\u0131n yabanc\u0131 para birimleri kar\u015f\u0131s\u0131nda de\u011fer kaybetmesi durumunda kur fark\u0131 geliri yaratma potansiyeli ta\u015f\u0131rken, de\u011fer kazanmas\u0131 halinde kur fark\u0131 zarar\u0131na yol a\u00e7abilir.<\/p>\n<h3>4.2. Hisse Senedi Performans\u0131<\/h3>\n<p>Pasifik Eurasia Lojistik (PASEU) hisse senedi, 1 Ocak 2025 &#8211; 30 Eyl\u00fcl 2025 tarihleri aras\u0131nda 29,22 TL ile 114 TL fiyat aral\u0131\u011f\u0131nda i\u015flem g\u00f6rm\u00fc\u015ft\u00fcr. 30 Eyl\u00fcl 2025 tarihindeki kapan\u0131\u015f fiyat\u0131 114 TL olarak ger\u00e7ekle\u015fmi\u015ftir. Bu, d\u00f6nem i\u00e7inde hisse senedinin g\u00fc\u00e7l\u00fc bir y\u00fckseli\u015f trendi sergiledi\u011fini g\u00f6stermektedir.<\/p>\n<button class=\"simplefavorite-button\" data-postid=\"530\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\" style=\"\">Favorile <i class=<\/button>","protected":false},"excerpt":{"rendered":"<p>Pasifik Eurasia&#8217;n\u0131n Finans Raporu Mercek Alt\u0131nda: B\u00fcy\u00fcyen Ciroya Ra\u011fmen K\u00e2r Neden D\u00fc\u015ft\u00fc? \u0130\u015fte 5 \u015ea\u015f\u0131rt\u0131c\u0131 Detay Giri\u015f: Rakamlar\u0131n Ard\u0131ndaki Hikaye Pasifik Eurasia&#8217;n\u0131n man\u015fetlere ta\u015f\u0131nan ciro art\u0131\u015f\u0131 etkileyici olsa da, son finansal tablolar\u0131na daha derinlemesine bir bak\u0131\u015f, klasik bir \u00e7at\u0131\u015fmay\u0131 ortaya&#8230; <\/p>\n","protected":false},"author":1,"featured_media":531,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[117],"class_list":["post-530","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bilancoanalizi","tag-paseu"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/530","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/comments?post=530"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/530\/revisions"}],"predecessor-version":[{"id":532,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/posts\/530\/revisions\/532"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media\/531"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/media?parent=530"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/categories?post=530"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisk\/wp-json\/wp\/v2\/tags?post=530"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}