Turkcell posts 45% profit increase

10 May 2007

Turkcell has posted a 45% annual rise in first quarter net profits, although Turkey’s leading mobile operator also voiced caution over domestic political uncertainties. Net profit jumped to USD272.1 million in the three months ended 31 March 2007, up from USD187.2 million in the same period of last year, as the company’s subscriber base grew by 12% year-on-year from 28.7 million to 32.2 million. Quarterly revenues rose 14% in a year to USD1.3 billion, despite ARPU dipping to USD12.10 from USD12.20. Chief Executive Sureyya Ciliv, who has been in the job since January, commented on the results: ‘Despite a slow start in January due to the introduction of a new dealer incentive programme, we have built strong momentum in customer acquisitions through the quarter.’ However, the company highlighted possible future uncertainties generated by the cancellation of a presidential election amid a political crisis in Turkey which has forced the Islamist-rooted government to call early elections in July. ‘There have been recent developments in the political environment that may result in potential political and economical uncertainties in the forthcoming quarters,’ it said in a statement. Ciliv added that he was pleased about the business performance of Turkcell’s international operations and especially the progress made by its subsidiary in Ukraine, Astelit, which saw a 150% increase in quarterly revenues on an annual basis and ended March with 5.8 million mobile subscribers.

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