Delayed Turkcell results distract from boardroom chaos

23 Aug 2013

Istanbul-based telecoms group Turkcell has reported group revenue of TRY2.855 billion (USD1.437 billion) for the three months ended 30 June 2013, representing an 11.3% rise year-on-year. Turkcell’s domestic revenues accounted for the lion’s share of sales, up 8% y-o-y to TRY2.318 million, with revenue provided by subsidiaries growing by 29% to TRY537 million. EBITDA for 2Q13 increased 11.6% y-o-y to TRY869.2 million, whilst net income rose 4.1% to TRY556.3 million.

As previously reported by TeleGeography’s CommsUpdate, Turkcell was forced to delay the announcement of its second quarter earnings because its board did not have enough members to approve the data. The quarterly financials were previously set to be announced on 18 July, only to be delayed because the company admitted that it only had three valid members on its board, after the terms for four others expired. Late last week the Capital Markets Board (CMB, or SPK) stepped in and appointed two new members to the board, in an effort to curtail the boardroom impasse.

TeleGeography notes that the matter is complicated by the long-running boardroom animosity between shareholders Cukurova of Turkey and Alfa of Russia. Last month the UK’s Privy Council decided that Cukurova must pay Alfa USD1.56 billion to recover a contested 13.7% stake in Turkcell, as part of a dispute that dates back to 2005.

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