Turkish defense giant Aselsan’s incomes grew by 30% to 2.6 billion Turkish liras ($387.6 million) in the first quarter of 2020, on an annual basis, the company announced late Tuesday.

The firm’s gross profit also increased by 61% over the same period and net profit was up by 46% to 920 million Turkish liras ($137.2 million).

During the first three months of the year, the company received new orders which totaled $350 million.

Haluk Gorgun, head of the company, said while the world faced several difficulties, Aselsan completed the first quarter with a strong income and profit.

“Our equity reached 14.5 billion Turkish liras ($2.16 billion) as of the end of the first quarter,” he noted.

Aselsan expects 40-50% income rise by the end of 2020, he added.

Aselsan is the largest defense company of Turkey and among the top 100 defense firms in the world.

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