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Turkcell suffers 25.8 pct decline in first quarter profit
Discussing Turkcell’s Q1 performance with reporters in İstanbul, Ciliv said Turkcell’s consolidated net profit was TL 417.6 million ($271 billion) in the first quarter of 2010, a 25.8 percent decrease compared to the first three months of 2009.
Turkcell’s revenues were, however, up 7 percent to TL 2.25 billion in the same period thanks to the operator and its subsidiary Superonline’s relatively more successful operations in the Turkish market. Turkcell serves subscribers in seven countries, including Turkey.
In a written statement released to the Public Disclosure Platform (KAP), Turkcell said revenue from the Turkish market grew by 7.6 percent to TL 2.01 million while the monthly average revenue per subscriber rose to TL 19.4 in the first quarter of the year, a 13.5 percent increase over the same quarter of 2009.
The number of Turkcell subscribers reached 34.3 million in the first quarter, 9.3 million of which were prepaid subscribers. Turkcell is not only the leading operator in Turkey, but is also the second biggest GSM operator in Europe in terms of the number of subscribers. Turkcell invested $8.9 billion (including 2G and 3G licenses) in Turkey in the first quarter.
Evaluating these figures at the press conference, Ciliv said the company has faith in the Turkish market and that they have maintained their position as the market leader despite a decline in profits. “We currently dominate around 56 percent of the Turkish GSM market,” he said, adding that they would invest more in 3G mobile services in the months to come. Discussing short-term investment plans, the Turkcell CEO said they expected to invest TL 500 million in Superonline before the end of this year. Recalling that the latest Information Technologies and Communications Authority (BTK) data show that Turkcell outperformed its two biggest rivals in the Turkish market in terms of investments between 2004 and 2009, Ciliv said they were seeking new investment opportunities. Noting that they plan to invest a total of $1.5 billion this year, he said, “We are planning to allocate $650 million to infrastructure, $340 million to Superonline and $400 million to international affiliates in 2010.”
Turkcell’s GSM partnerships in Azerbaijan, Kazakhstan, Georgia and Moldova through Fintur reached 14.1 million subscribers by the end of the first quarter. The company serves 300,000 subscribers in the Turkish Republic of Northern Cyprus (KKTC). Astelit LLC, the company’s Ukrainian subsidiary, reached 11.9 million subscribers as of March 31, 2010. The subsidiary started its operations in February 2005.
Turkcell is listed on the İstanbul Stock Exchange (İMKB) and has been on the New York Stock Exchange (NYSE) since July 11, 2000. It is the first and only Turkish company ever to be listed on the NYSE.
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