Turkcell Full-Year Profits Jump by Over a Third
Published on: 25th Feb 2009
Note -- this news article is more than a year old.
Turkish telco, Turkcell has reported that its full year revenues increased by 10.1% to USD7 billion due to higher usage, subscriber growth, tariff increases and the positive contribution of the consolidated subsidiaries. Net income grew to USD1.8 billion, up by 36.0% on an annual basis
However, the firm noted that its results were affected by a 25% devaluation of TRY against USD in the fourth quarter of 2008, which resulted in Q4 revenues and profits missing analyst expectations.
Turkcell's subscriber base grew by 4.5% on an annual basis to 37.0 million at the end of 2008, while ARPU remained flat at US$14.50.
Turkcell's CEO, Sureyya Ciliv commented: "We are pleased with our 2008 performance in one of the most challenging environments in business history. The global crisis had an impact on our key markets where GDP growth has slowed down significantly, consumer confidence declined and the currencies were sharply devalued. Despite these challenges and serious competition, we achieved solid results,"