Turk Telekom 1Q net profit up 88%

21 Apr 2010

Turk Telekom has posted an 88% rise in first quarter net profit to TRL546 million (USD365.5 million) but warned growth would be below a 5% target this year due to mobile pricing. 1Q sales rose by 3% to TRL2.58 billion, in line with forecasts. But the company added that pricing pressures in the mobile market could weigh heavily this year. ‘The macro-economic situation of Turkey is improving with some GDP growth expected. Turk Telekom is very well positioned to grow its consolidated revenue. Though the growth is likely to be less than 5% this year, given uncertainty over price recovery in mobile,’ Turk Telekom said in a statement.

Turk Telekom is controlled by Dubai-based Oger Telecom and was listed on the Istanbul Stock exchange in May 2008. Some 30% of its shares still belong to the Turkish government, although Ankara has said it wants to privatise another tranche.

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