Turk Telekom 2018 revenues climb 12.6%, but swings to USD267m annual loss on FX

1 Feb 2019

Turk Telekom (TT) posted a full-year 2018 net loss of TRY1.39 billion (USD267 million) compared to the TRY1.13 billion annual net profit it recorded in 2017, due to foreign exchange (FX) effects as the Turkish lira depreciated against the US dollar and euro by 39% and 34% respectively. Annual group revenues climbed by 12.6% to TRY20.4 billion (including fourth-quarter revenue of TRY5.4 billion, up 12.5% year-on-year) while twelve-month EBITDA jumped 30.7% to TRY8.4 billion. Q4 2018 net income reached TRY2.2 billion, swinging positively year-on-year from a TRY113 million net loss in Q4 2017 on an improved FX environment in the last quarter, alongside stronger operating performance. In 2018 TT invested a total of TRY4.1 billion, up by 27% y-o-y.

Mobile subscribers (at the TT Mobil [formerly Avea] cellular division) increased by a net 1.9 million in 2018 to reach 21.5 million at 31 December, the highest annual increase in the last ten years, helped by 4G expansion as LTE network population coverage grew from 83% to 91% in the twelve-month period. Fixed broadband (retail-plus-wholesale) subscribers increased to 10.9 million at the end of 2018, up from 9.7 million a year earlier.

TeleGeography notes that since 22 December 2018 a 55% stake in TT has been controlled by a Special Purpose Vehicle formed by a group of 29 banks led by Akbank, Garanti Bank and Isbank. The Turkish Treasury retains a 25% stake plus special veto power via one ‘golden share’, whilst the banking group is aiming to offload the majority stake to a strategic investor.

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