Turk Telekom 1Q15 revenue up 6.6%; bottom line hit hard by TRY depreciation

1 May 2015

Turk Telekom has reported adjusted revenue of TRY3.395 billion (USD1.273 billion) for the three months ended 31 March 2015, up 6.6% from TRY3.185 billion in the same period one year earlier. The operator cited improved performances by its mobile (up 22%), broadband (up 6%) and corporate data (up 11%) sectors as the key factors behind its improved top-line. Net profit (after minority interest) fell from TRY384 million in the first three months of 2014 to TRY27 million the first quarter of 2015, with the drastic decline attributed to the depreciation of the Turkish lira (TRY) against the US dollar (USD). EBITDA reached TRY1.329 billion, compared to TRY1.200 billion in 1Q14 (up 10.8%), while CAPEX for the three months under review increased to TRY313 billion, a 12.3% y-o-y rise, up from TRY279 billion.

In operational terms, mobile unit Avea saw its user base increase 8.8% from 15.3 million to 16.6 million at end-March 2015, while the telco also posted a 3.1% y-o-y rise in broadband connections, which increased from 7.4 million to 7.6 million. Elsewhere, the total number of fixed voice subscribers dropped from 12.2 million to 11.1 million in the period under review.

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