Turkcell Drops into a Loss on Write-Downs
Published on: 28th Jul 2011
Note -- this news article is more than a year old.
By: Ian Mansfield
Turkey based telco Turkcell has reported that its second quarter Group revenues rose by 1.7% to TRY2.28 billion (USD1.34 billion) although the company recorded a net loss of TRY21.4 million (USD12.6 million) compared to TRY422.3 million a year ago.
The drop was put down to one-off items below the EBITDA line, mostly stemming from the impact of the non-cash devaluation in Belarus, as well as a provision regarding the Competition Board fine. Excluding all one-off items below the EBITDA line, Group net income would have been TRY472.4 million.
Compared to the previous quarter, consolidated revenues rose by 7.6%. This was mainly due to the 6.9% rise in mobile voice and other revenues resulting from seasonally higher usage of the growing subscriber base in Turkey as well as from the 9.0% rise in mobile internet and services revenues. Additionally, the contribution of subsidiaries to the Group's top line grew by 9.1%.
The company had approximately 61.7 million subscribers as of June 30, 2011. This figure is calculated by taking the number of subscribers in Turkcell and each of its subsidiaries and unconsolidated investees. It includes the total number of mobile subscribers in Astelit and BeST, as well as in operations in Northern Cyprus and Fintur.
Turkcell Group subscribers rose by 1.3 million for the period compared to the previous quarter, thanks to the increase in subscriber base in Turkcell Turkey and Fintur.