Turkcell FY14 revenue increases 5.6% to TRY12.0bn; net income plummets 19.8%

17 Feb 2015

Turkcell Group has announced its financial results for the twelve months ended 31 December 2014, reporting revenue of TRY12.04 billion (USD4.90 billion), up 5.6% from TRY11.41 billion in 2013. EBITDA for full year 2014 increased 6.1% year-on-year to reach TRY3.76 billion, up from TRY3.54 billion one year earlier, while net income plummeted 19.8% from TRY2.33 billion in FY2013 to TRY1.86 billion a year later. Turkcell attributed the slump to several one-off payments as well as the impact of unfavourable macroeconomic conditions in certain international markets – namely the 97% devaluation of the Ukrainian hryvnia (UAH), which contributed to a 12% contraction in local unit Astelit’s sales figures for 2014. CAPEX for 2014 reached TRY2.14 billion, up from TRY1.82 billion in 2013.

In operational terms, Turkcell’s domestic mobile unit saw a net loss of 548,000 mobile subscribers y-o-y, representing an annual decline of 1.7%, to end 2014 with 34.6 million customers. However, the unit’s post-paid segment grew from 14.0 million to 15.2 million in the same period, with Turkcell attributing this to pre- to post-paid migration and superior network quality. In contrast, its pre-paid customer base shrank by 8.5% from 21.2 million to 19.4 million due to the ongoing competitive environment. Elsewhere, domestic broadband unit Turkcell Superonline achieved net additions of 346,000 during the year, taking its total subscriber base to 1.2 million; fibre-to-the-home (FTTH) users accounted for 735,100 end-user accounts.

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