{"id":102,"date":"2026-01-30T19:52:06","date_gmt":"2026-01-30T19:52:06","guid":{"rendered":"https:\/\/tabildot.com.tr\/marketrisken\/?p=102"},"modified":"2026-05-07T11:04:15","modified_gmt":"2026-05-07T11:04:15","slug":"%f0%9f%94%b5%f0%9f%87%ba%f0%9f%87%b8-borsk-bor-sugar-2025-12-earnings-analysis","status":"publish","type":"post","link":"https:\/\/tabildot.com.tr\/marketrisken\/102","title":{"rendered":"\ud83d\udd35\ud83c\uddfa\ud83c\uddf8 BORSK | Bor Sugar 2025\/12 Earnings Analysis"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"\ud83d\udd35\ud83c\uddfa\ud83c\uddf8 #BORSK | Bor Sugar 2025\/12 Earnings Analysis - Inflation Accounting Wiped Out Bor \u015eeker&#039;s Profit\" width=\"858\" height=\"483\" src=\"https:\/\/www.youtube.com\/embed\/CTm_RW-hnmw?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>The Bitter and the Sweet: 5 Surprising Realities Behind Bor \u015eeker\u2019s Latest Financials<\/h1>\n<p>How can a company that dominates a kitchen staple as essential as sugar find itself navigating a complex financial labyrinth? Sugar is a commodity of predictable, almost inelastic demand, yet for Bor \u015eeker, the journey from the beet field to the balance sheet is anything but linear.<\/p>\n<p>Since its listing on the Borsa \u0130stanbul on February 15, 2024, Bor \u015eeker has operated as a recently privatized giant attempting to fortify its position within Turkey\u2019s volatile, hyperinflationary landscape. While the factory chimneys in Ni\u011fde continue to billow, the company\u2019s latest financial statements reveal a story of rapid industrial evolution struggling against the gravity of accounting mandates and regulatory caps.<\/p>\n<p>This briefing distills the most impactful takeaways from Bor \u015eeker\u2019s interim financial results for the nine-month period ending December 31, 2025. Behind the standard rows of figures lie surprising shifts in capital structure, an aggressive diversification gambit, and a workforce surging to meet new contract demands.<\/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. The Paradox of Profitability: An Accounting Squeeze<\/h3>\n<p>In the world of pure operations, Bor \u015eeker had a productive year. Between April and December 2025, the company generated a robust revenue of <b>3,831,327,576 TL<\/b>. However, the bottom line tells a paradoxical tale, ending the period with a net loss of <b>128,548,594 TL<\/b>.<\/p>\n<p>To a casual observer, this looks like a reversal of the 466 million TL profit seen in the previous period. However, a deeper audit reveals that the business is operationally healthy, posting a <b>Faaliyet Kar\u0131 (Operating Profit) of 419.6 million TL<\/b>. The net loss is essentially a &#8220;paper squeeze&#8221; caused by two massive factors:<\/p>\n<ul>\n<li><b>Inflation Accounting (TMS 29):<\/b> The Turkish standard for hyperinflationary reporting forced a &#8220;Net Parasal Pozisyon Kayb\u0131&#8221; (Net Monetary Position Loss) of <b>308,702,462 TL<\/b>, reflecting the eroding purchasing power of the Lira.<\/li>\n<li><b>The Tax Blade:<\/b> The company was further hit by a staggering <b>257.1 million TL tax expense<\/b>, largely driven by deferred tax charges.<\/li>\n<\/ul>\n<p>&#8220;Despite a healthy gross operating profit of 579.4 million TL, the transition to a net loss of 128.5 million TL reflects the &#8216;scissors effect&#8217; of high-inflation accounting and non-cash tax liabilities.&#8221; \u2014 <i>Analysis of the 31.12.2025 Management Assessment.<\/i><\/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>2. The Massive 720 Million TL Capital Reset<\/h3>\n<p>While the net loss captures the headlines, the company\u2019s internal restructuring signals a significant move toward &#8220;balance sheet fortification.&#8221; On <b>December 4, 2025<\/b>, the Capital Markets Board (SPK) approved a massive 300% internal capital increase.<\/p>\n<p>By utilizing &#8220;Hisse senedi ihra\u00e7 primleri&#8221; (Share Premiums) \u2014 the surplus cash generated during its February IPO \u2014 the company quadrupled its issued capital. This &#8220;bedelsiz&#8221; (bonus) issue moves internal reserves into permanent, paid-in capital, signaling a transition from a high-growth newcomer to a mature industrial pillar.<\/p>\n<p><b>Capital Restructuring Figures:<\/b><\/p>\n<ul>\n<li><b>Initial Paid-in Capital:<\/b> 240,000,000 TL<\/li>\n<li><b>Post-Reset Paid-in Capital:<\/b> 960,000,000 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<h3>3. The Ethyl Alcohol Gambit: Hedging the Quota<\/h3>\n<p>Perhaps the most strategic &#8220;pivot&#8221; in the 2025 report is Bor \u015eeker\u2019s move to diversify away from being a pure-play sugar producer. In a deal approved by the Competition Board (<i>Rekabet Kurulu<\/i>) on January 9, 2025, the company moved into the high-margin industrial chemical space.<\/p>\n<p>Bor \u015eeker committed <b>$7,200,000 USD (plus VAT)<\/b> to acquire specialized machinery from Redoks Analitik Cihazlar A.\u015e. for the production of ethyl alcohol. This isn&#8217;t just an equipment upgrade; it is a hedge. By entering the medical, cosmetic, and cleaning sectors, Bor \u015eeker is creating a revenue stream that is not bound by the rigid production limits that govern the sugar market.<\/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>4. A Growing Empire: The Amasya Connection<\/h3>\n<p>Industrial modernization usually implies a leaner workforce, yet Bor \u015eeker is bucking the trend with a staggering <b>60% surge in personnel<\/b> in just nine months.<\/p>\n<ul>\n<li><b>March 31, 2025:<\/b> 408 employees<\/li>\n<li><b>December 31, 2025:<\/b> 652 employees<\/li>\n<\/ul>\n<p>This staffing spike is not a symptom of inefficiency but a response to massive operational scaling. On <b>December 17, 2025<\/b>, the company signed a &#8220;fason&#8221; (contract) production deal with Amasya \u015eeker Fabrikas\u0131 to process <b>150,000 tons of sugar beets<\/b>. To manage this influx, alongside the deployment of 50% of its IPO proceeds into modernization and solar energy (GES) projects, the company had to rapidly scale its &#8220;human engine.&#8221; This investment is visible on the balance sheet, where Tangible Assets (<i>Maddi Duran Varl\u0131klar<\/i>) climbed from 3.8 billion to <b>4.68 billion TL<\/b>.<\/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>5. The Regulatory Ceiling: The Quota Game<\/h3>\n<p>For most industrial giants, the limit to growth is market demand. For Bor \u015eeker, the limit is the President\u2019s desk. The company operates under a rigid &#8220;A Quota&#8221; system that acts as both a &#8220;security shield&#8221; and a &#8220;growth ceiling.&#8221;<\/p>\n<p>For the 2025\/2026 marketing year, Bor \u015eeker was assigned an <b>&#8220;A Quota&#8221; of 71,290 tons<\/b>. This represents a consistent ~2.5% share of Turkey&#8217;s total sugar production. While the &#8220;B Quota&#8221; (3,564 tons) provides a mandated security buffer, the company cannot simply choose to produce more sugar to increase market share. This regulatory rigidity explains why the company is so focused on efficiency and diversification; when your primary output is legally capped, you must find value in the margins.<\/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>Conclusion: Looking Ahead<\/h3>\n<p>Bor \u015eeker has evolved from a privatized factory in 2018 into a sophisticated industrial entity. The path forward is increasingly defined by the lab, not just the field. The company is currently funneling 5% of its IPO proceeds into specialized R&amp;D, focusing on two pivotal projects: <b>Acetic Acid production from molasses<\/b> and the <b>Unslaked Lime and CO2 Gas Project<\/b>.<\/p>\n<p>These initiatives suggest a future where Bor \u015eeker is as much a chemical company as it is a sugar producer. By turning industrial waste into high-value chemicals and energy-efficient inputs, the company is attempting to outpace the Lira\u2019s inflation through technical sophistication.<\/p>\n<p><b>The Final Thought:<\/b> In an economy defined by triple-digit inflation and rigid production quotas, can industrial diversification be the ultimate sweetener for investors?<\/p>\n<p>&nbsp;<\/p>\n<h1>Bor \u015eeker A.\u015e. Interim Briefing Document: Financial and Operational Analysis (31 December 2025)<\/h1>\n<h2>Executive Summary<\/h2>\n<p>This briefing document provides a comprehensive analysis of Bor \u015eeker Anonim \u015eirketi\u2019s financial standing and operational performance for the interim period between April 1, 2025, and December 31, 2025.<\/p>\n<p>As of December 31, 2025, Bor \u015eeker reported total assets of <b>9.78 billion TL<\/b> and total equity of <b>7.05 billion TL<\/b>. While the company achieved a revenue of <b>3.83 billion TL<\/b> (a 7.28% increase compared to the same period in the previous year) and an operating profit of <b>419.63 million TL<\/b>, it recorded a net loss for the period of <b>128.55 million TL<\/b>. This loss is primarily attributed to significant deferred tax expenses and a net monetary position loss of <b>308.70 million TL<\/b> resulting from mandatory inflation accounting (TMS 29) adjustments.<\/p>\n<p>Strategically, the company has completed 100% of its planned IPO-funded investments in modernization and solar energy (GES). It is also diversifying its revenue streams through the acquisition of ethanol production machinery and fason (contract) production agreements. Despite the recorded net loss, the company maintains a strong equity position and fulfills the capital adequacy requirements of the Turkish Commercial Code.<\/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. Corporate Profile and Organizational Structure<\/h2>\n<h3>1.1 Company Overview<\/h3>\n<p>Bor \u015eeker, established in 2016 and privatized in 2018, operates a major sugar production facility in Bor, Ni\u011fde. The company&#8217;s primary mission is the production of sugar and the commercialization of its various by-products to meet both domestic and international market demands. Bor \u015eeker is listed on Borsa \u0130stanbul (BIST) under the ticker &#8220;BORSK.&#8221;<\/p>\n<h3>1.2 Ownership and Capital Structure<\/h3>\n<p>As of December 31, 2025, the company has a registered capital ceiling of 1,000,000,000 TL. Following a 300% bonus share issuance approved in December 2025, the issued capital stands at <b>960,000,000 TL<\/b>.<\/p>\n<p><b>Current Shareholding Table:<\/b> | Shareholder | Share Percentage | Share Amount (TL) | | :&#8212; | :&#8212; | :&#8212; | | Arz Portf\u00f6y Second Venture Capital Investment Fund | 35.42% | 340,000,000 | | Emir Haktan Di\u015fli (A-Group) | 4.58% | 44,000,000 | | Sad\u0131k Enes Di\u015fli (A-Group) | 10.83% | 104,000,000 | | Handan Di\u015fli (A-Group) | 9.17% | 88,000,000 | | Eren Ali Di\u015fli (A-Group) | 10.83% | 104,000,000 | | Publicly Traded (C-Group) | 29.17% | 280,000,000 | | <b>Total<\/b> | <b>100%<\/b> | <b>960,000,000<\/b> |<\/p>\n<p><i>Note: A and B group shares hold voting privileges (5 votes per share) and the right to nominate board members.<\/i><\/p>\n<h3>1.3 Governance and Human Resources<\/h3>\n<p>The Board of Directors is chaired by Davut Di\u015fli. The executive leadership includes General Manager Emir Haktan Di\u015fli. As of December 31, 2025, the company employs <b>652 personnel<\/b>, up from 408 in March 2025.<\/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>2. Financial Performance Analysis<\/h2>\n<h3>2.1 Summary of Financial Position<\/h3>\n<p>The company&#8217;s balance sheet reflects the impact of high inflation adjustments required under TMS 29. All figures are expressed in the purchasing power of the Turkish Lira as of December 31, 2025.<\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Metric<\/td>\n<td>31 December 2025 (TL)<\/td>\n<td>31 March 2025 (TL)<\/td>\n<\/tr>\n<tr>\n<td><b>Total Assets<\/b><\/td>\n<td><b>9,775,370,306<\/b><\/td>\n<td><b>8,469,363,104<\/b><\/td>\n<\/tr>\n<tr>\n<td>Current Assets<\/td>\n<td>4,059,284,871<\/td>\n<td>3,347.719.609<\/td>\n<\/tr>\n<tr>\n<td>Non-Current Assets<\/td>\n<td>5,716,085,435<\/td>\n<td>5,121,643,495<\/td>\n<\/tr>\n<tr>\n<td><b>Total Liabilities<\/b><\/td>\n<td><b>2,725,591,539<\/b><\/td>\n<td><b>1,080,257,013<\/b><\/td>\n<\/tr>\n<tr>\n<td>Short-Term Liabilities<\/td>\n<td>2,372,966,568<\/td>\n<td>808,401,153<\/td>\n<\/tr>\n<tr>\n<td>Long-Term Liabilities<\/td>\n<td>352,624,971<\/td>\n<td>271,855,860<\/td>\n<\/tr>\n<tr>\n<td><b>Total Equity<\/b><\/td>\n<td><b>7,049,778,767<\/b><\/td>\n<td><b>7,389,106,091<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>2.2 Income Statement Highlights (April 1 \u2013 Dec 31, 2025)<\/h3>\n<ul>\n<li><b>Revenue:<\/b> 3,831,327,576 TL.<\/li>\n<li><b>Gross Profit:<\/b> 579,414,097 TL (Gross Margin: 15.1%).<\/li>\n<li><b>Operating Profit:<\/b> 419,627,830 TL.<\/li>\n<li><b>Net Loss:<\/b> (128,548,594) TL.<\/li>\n<li><b>EBITDA Margin:<\/b> 16.30%.<\/li>\n<\/ul>\n<p><b>Key Financial Commentary:<\/b><\/p>\n<ul>\n<li><b>Inflation Impact:<\/b> The company recorded a <b>308.7 million TL net monetary position loss<\/b>, significantly impacting the bottom line.<\/li>\n<li><b>Taxation:<\/b> A heavy tax expense of <b>257.15 million TL<\/b> (primarily deferred tax) further contributed to the net loss.<\/li>\n<li><b>Revenue Mix:<\/b> Sugar sales remain the primary revenue driver (2.96 billion TL), followed by molasses (387.5 million TL) and agricultural products (354.4 million 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>3. Operational Activities and Market Position<\/h2>\n<h3>3.1 Sugar Production and Quotas<\/h3>\n<p>Bor \u015eeker operates within Turkey\u2019s regulated sugar market, where production is managed via a quota system. For the 2025\/2026 marketing year, Bor \u015eeker\u2019s allocated quotas are:<\/p>\n<ul>\n<li><b>A Quota (Domestic Market):<\/b> 71,290 tons.<\/li>\n<li><b>B Quota (Security Reserve):<\/b> 3,564 tons. The company&#8217;s share of Turkey&#8217;s total A Quota has remained stable at approximately <b>2.5%<\/b>.<\/li>\n<\/ul>\n<h3>3.2 Product Portfolio<\/h3>\n<p>Beyond crystal and cube sugar, the company produces:<\/p>\n<ul>\n<li><b>Molasses:<\/b> Used in yeast, alcohol, and fertilizer sectors.<\/li>\n<li><b>Pulp (K\u00fcspe):<\/b> Primarily sold as animal feed.<\/li>\n<li><b>Liquid Fertilizer:<\/b> Produced at a 20 ton\/day capacity facility added in 2022.<\/li>\n<\/ul>\n<h3>3.3 Significant Operational Developments<\/h3>\n<ul>\n<li><b>Fason Production:<\/b> On December 17, 2025, Bor \u015eeker signed a contract to process 150,000 tons of sugar beet for Amasya \u015eeker Fabrikas\u0131 A.\u015e.<\/li>\n<li><b>Ethanol Expansion:<\/b> The company agreed to purchase machinery for an ethyl alcohol production plant from Redoks Analitik Cihazlar A.\u015e. for <b>USD 7.2 million + VAT<\/b>. Regulatory approval from the Competition Board was received in early January 2026.<\/li>\n<li><b>Share Buybacks:<\/b> The company repurchased <b>226,257 shares<\/b> during the reporting period (0.0943% of capital) for a total of 5.45 million 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>4. Investment and Research (R&amp;D)<\/h2>\n<h3>4.1 IPO Revenue Utilization<\/h3>\n<p>Bor \u015eeker has utilized 100% of the funds allocated for GES (Solar Energy), integration, modernization, and fertilizer plant investments as of December 31, 2025.<\/p>\n<h3>4.2 Future Projects<\/h3>\n<p>The company plans to allocate 5% of IPO revenues to R&amp;D. Key upcoming projects include:<\/p>\n<ul>\n<li><b>Lime and CO2 Gas Project:<\/b> Focused on industrial byproduct optimization.<\/li>\n<li><b>Acetic Acid Production from Molasses:<\/b> Aiming for high-value chemical production.<\/li>\n<li><b>Infrastructure:<\/b> Construction of a dedicated R&amp;D building is planned.<\/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>5. Risk Assessment<\/h2>\n<p>The Board of Directors has identified several critical risks that could impact future performance:<\/p>\n<ul>\n<li><b>Raw Material Supply:<\/b> Reliance on third-party farmers for sugar beet. Price fluctuations and the ability to pass costs to consumers are significant variables.<\/li>\n<li><b>Climate and Environment:<\/b> Agricultural yield is highly sensitive to drought, floods, and other extreme weather events.<\/li>\n<li><b>Operational Risks:<\/b> Unexpected technical failures or delays in spare part procurement could interrupt the production cycle.<\/li>\n<li><b>Regulatory Risks:<\/b> The sugar sector is subject to strict quotas and Turkish Food Codex regulations. Changes in government policy regarding sugar imports (e.g., zero-tariff quotas) could lower domestic prices.<\/li>\n<li><b>Financial Risks:<\/b> High working capital requirements necessitate significant short-term financing, exposing the company to interest rate volatility.<\/li>\n<\/ul>\n<h2>6. Important Quotes and Directives<\/h2>\n<p>&#8220;The company&#8217;s financial statements are prepared under the assumption of &#8216;Going Concern,&#8217; expecting to benefit from assets and fulfill obligations in the natural course of business for at least the next year.&#8221;<\/p>\n<p>&#8220;Bor \u015eeker possesses 71,290 tons of A quota and 3,564 tons of B quota sugar production rights as of 31 December 2025.&#8221;<\/p>\n<p>&#8220;Total investments in modernization and integration reached 640.86 million TL by the end of the 2025 period, funded by internal resources and long-term loans.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>**Bor \u015eeker Announces Nine-Month 2025 Financial Results: Strong Growth and Strategic Investments Persist!**<\/p>\n<p>Bor \u015eeker A.\u015e. has shared its financial results for the last quarter of 2025, highlighting its vision for the future. While increasing its revenue to **over 3.8 billion TL**, the company raised its **EBITDA margin to 16.30%**, showcasing operational efficiency. Strengthening its equity structure with a **300% bonus share capital increase** during the period, Bor \u015eeker is also diversifying its production capacity through **ethyl alcohol plant investments** and a contract manufacturing agreement with Amasya Sugar. With an employment increase of nearly 60%, the company continues to solidify its leading position in the sugar industry.<\/p>\n","protected":false},"author":1,"featured_media":103,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[41],"tags":[18],"class_list":["post-102","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-borsk"],"_links":{"self":[{"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/posts\/102","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/comments?post=102"}],"version-history":[{"count":1,"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/posts\/102\/revisions"}],"predecessor-version":[{"id":104,"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/posts\/102\/revisions\/104"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/media\/103"}],"wp:attachment":[{"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/media?parent=102"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/categories?post=102"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tabildot.com.tr\/marketrisken\/wp-json\/wp\/v2\/tags?post=102"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}