Turkcell 1Q12 net profit increases 56% thanks to overseas growth

4 May 2012

Istanbul-based telecoms group Turkcell has reported group revenue of TRY2.38 billion (USD1.35 billion) for the three months ended 31 March 2012, representing a 12.4% rise year-on-year. EBITDA increased 12.3% y-o-y to TRY702.7 million, and net income grew 56% to TRY514.8 million. Despite steady expansion in its domestic market, Turkcell credits its impressive growth to the contribution of its foreign subsidiaries, which posted combined revenues of TRY398 million in Q1, a rise of 43% y-o-y; Turkcell’s domestic revenues edged up 8% to TRY1.98 billion for the quarter.

In its home market Turkcell reported a 4.2% annual increase in its mobile customer base, to 34.5 million, from 33.1 million previously. The bulk of the net new additions were post-paid subscribers – up 15.4% to twelve million – whilst pre-paid subscriptions declined 0.9% to 22.5 million. Blended average revenue per user (ARPU) increased 4.3% to TRY19.2 per month for 1Q12, while minutes of use jumped by 15.1% to 221.5 minutes on the back of enhanced tariff offers. Meanwhile, the company’s fixed broadband subsidiary Superonline, which is in the process of rolling out a nationwide fibre-optic (FTTx) network, passed approximately 1.1 million homes at the end of 1Q12; as at end-March Superonline had notched up 307,000 FTTx subscribers, a 91% improvement y-o-y. Superonline’s contribution to Turkcell group financials continued to improve, with the unit recording 59.2% annual revenue growth, to TRY145 million.

In Ukraine, Astelit, in which Turkcell owns a 55% stake, ended the quarter with 7.1 ‘active’ subscribers, up from 6.1 million a year earlier, with the unit’s total subscriber base rising 1.2 million to 9.9 million. Fintur, which has interests in wireless operators in Kazakhstan, Azerbaijan, Moldova and Georgia, and in which Turkcell owns a 41.45% stake, ended March with 18.6 million customers, up 12.7% year-on-year.

CEO Sureyya Ciliv commented: ‘In the first quarter of 2012, Turkcell Group continued its double-digit growth and recorded TRY2.4 billion in revenue, TRY703 million EBITDA and TRY515 million of net income. Turkcell maintained its customer base with its strong network and simplified tariff structure that enhances customer satisfaction, despite intensifying competition during the quarter. Turkcell’s voice revenues rose by 3% year-on-year, while mobile broadband revenues climbed by 52% as smartphone penetration increased with the contribution of Turkcell branded smartphones … We are delighted with the increasing contribution of our subsidiaries. While our fibre business grew by 59% year-on-year, revenue from Ukrainian operations were up by 17% in USD terms. Consequently, our subsidiaries’ contribution to group revenues and EBITDA rose 43% and 41%, respectively.’

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