Turkcell posts group revenue growth of 8.6% in Q2 2016

28 Jul 2016

Turkcell Group has published its results for the three months ended 30 June 2016, reporting year-on-year revenue and EBITDA growth of 8.6% and 3.5%, respectively. Total group revenue reached TRY3.358 billion (USD1.1 billion) in the quarter, up from TRY3.093 billion in Q2 2015, while EBITDA rose from TRY994.8 million to TRY1.029 billion in the same period; the group’s EBITDA margin, meanwhile, stood at 30.7%, against 32.2% twelve months earlier. Net income totalled TRY416.1 million, down 41.6% from TRY712.0 million one year earlier, mainly due to: a translation loss in Q2 2016, compared to a translation gain in Q2 2015; the negative contribution of its Fintur subsidiaries; lower interest income from time deposits due to a lower cash balance; increased interest expense on loans and ‘4.5G’ payables; and a higher amortisation expense due to the 4.5G license.

Operationally, Turkcell Group reported that its combined subscriptions amounted to 66.5 million as at 30 June 2016, down from 69.5 million one year previously. Within its domestic unit, post-paid mobile subscriptions rose 5.7% y-o-y from 15.9 million to 16.8 million, while pre-paid mobile users fell 12.7% from 18.1 million to 15.8 million. In terms of Turkcell Turkey’s broadband customers, fibre connections increased 18.1% from 817,600 to 965,400, with ADSL subscriber numbers also rising, from 528,000 to 675,2000 (up 27.9%).

‘We trust that the markets will remain strong, despite short-term volatility’, commented Turkcell CEO Kaan Terzioglu, adding: ‘We have entered this period with previously taken precautionary measures. Having funds for investment and expansion that we believe are adequate for the next three years, having already taken various actions against currency risk and operating our business on the basis of disciplined financial policies at all times, we are able to perform soundly during this period.’

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