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Turkish mobile operator Turkcell's Q3 consolidated net income up 8% y/y [IntelliNews - Weekly Reports](IntelliNews - Weekly Reports Via Acquire Media NewsEdge) Turkey's largest mobile operator Turkcell posted a consolidated net income of TRY 756mn (EUR 267mn) in Q3, representing an 8% y/y increase. The market had expected Turkcell to post a consolidated net income of TRY 645mn (EUR 227mn) for Q3, according to the poll by CNBC-e. The mobile operator's consolidated revenues rose by 6% y/y to TRY 3.16bn in the third quarter from TRY 2.98bn a year earlier. The market consensus forecast was TRY 3.1bn. In January-September, Turkcell's consolidated net income declined by 12% y/y to TRY 1.6bn while the company's consolidated revenues rose by 5% y/y to TRY 8.9bn. The number of total subscribers declined 0.9% y/y, although rose 0.3% q/q, to 34.7mn at end-September while the number of post-paid customers increased by 7.2% y/y and 2.1% y/y to 14.8mn. Turkcell's consolidated net income increased by 11.9% y/y to TRY 2.3bn in 2013 while consolidated turnover increased by 8.6% y/y to TRY 11.4bn last year. Turkcell foresees a revenue growth of 5-7% this year, the company's general manager, Sureyya Ciliv, said in February. Turkcell's revenues will be between TRY 12bn and TRY 12.2bn this year, according to Ciliv. Ciliv also said that the company's investments will increase to TRY 2.1bn this year from TRY 1.82bn in 2013. Earlier this week, Turkcell informed that it decided to merge its affiliate Turktell Bilisim Servisleri (Turktell Bilisim) with another affiliate Fizy Iletisim (Fizy). Fizy will be entirely acquired by Turktell Bilisim. The underlying aim for the decision is to simplify the group structure, increase efficiency and reduce operational costs. Last month, Turkcell also decided to merge its 100% fiber internet services providing subsidiary Superonline Iletisim Hizmetleri (Turkcell Superonline) and its another 100% subsidiary Talih Kusu Altyapi Hizmetleri under Turkcell Superonline's roof in order to increase efficiency by simplifying the group's structure. Turkcell also announced a decision last month to takeover its 100% subsidiary Turktell Uluslararasi Yatirim Holding and to merge the company under the roof of Turkcell. Turkcell signed an agreement on August 27 to sell its whole TRY 7mn nominally-valued 50% stake in its pre-paid GSM calling cards retailing subsidiary A-Tel to the other shareholder Bereket Holding for a total consideration of TRY 31mn. Turkcell (consolidated) Financials (bn TRY) 2013/09 2014/09 (y/y) Revenues 8,5 8,9 4,9% Gross Margin 3,3 3,5 6,6% Operating Income 2,5 2,4 -0,5% Net Income 1,8 1,6 -11,8% Source: PDP (c) 2014 Emerging Markets Direct Media Holdings LLC Provided by SyndiGate Media Inc. (Syndigate.info). |