Turkcell revenues down 18.5%

14 May 2009

Turkey’s leading mobile operator by subscribers, Turkcell, has reported revenues of USD1.28 billion for the first quarter of 2009, an 18.5% year-on-year decline attributed by the cellco to depreciation of the Turkish lira against the US dollar. EBITDA for the three months ended 31 March fell by 18.2% to USD472 million, compared to USD577 million in the same period a year earlier. Net income was down 29.3% to USD344.2 million from USD486.8 million in 1Q 2008. ‘I am very pleased that Turkcell’s technology leadership, improved efficiency and customer focus resulted in solid financial results in the first quarter of 2009 despite the global economic downturn,’ Turkcell CEO Sureyya Ciliv said, ‘We plan to build on our strengths in technology, efficiency, and customer service. We are particularly excited about launching 3G services in Turkey within three months.’ The company added 1.3 million net new customers in the quarter, with 36.4 million users at the end of March.

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