Write-downs condemn Turkcell into posting a loss (Turkey)

Turkcell is a telco based in Turkey. The company has released its Group revenues for the second quarter that reflected a revenue rise by 1.7{e1f18614b95d3cd6e4b3128e1cd15d99b042a60a5a19c19b7a8e07e7495efa10} to $1.34 billion. However, the company posted a net loss of $12.6 million as compared to $251.02 million the previous year.
The company attributed the loss to one-off items below the EBITDA line that cascaded from the impact of the non-cash devaluation in Belarus, in addition to a provision with regard to the Competition Board fine. Discounting the one-off items below the EBITDA line, the net income for the Group would have stood at $280.80 million.
On the other hand, consolidated revenues were up 7.6{e1f18614b95d3cd6e4b3128e1cd15d99b042a60a5a19c19b7a8e07e7495efa10} as compared to the previous quarter; mainly attributed to the 6.9{e1f18614b95d3cd6e4b3128e1cd15d99b042a60a5a19c19b7a8e07e7495efa10} increase in mobile voice, in addition to revenues garnered from season-based superior usage of the expanding customer base across Turkey as well as the surge in mobile internet and services revenues by 9{e1f18614b95d3cd6e4b3128e1cd15d99b042a60a5a19c19b7a8e07e7495efa10}. On top of that, the Group’s top line rose by 9.1{e1f18614b95d3cd6e4b3128e1cd15d99b042a60a5a19c19b7a8e07e7495efa10}, in the wake of the subsidiaries’ contribution.
As on 30 June, 2011, there were about 61.7 million subscribers for the company; figure calculated based on the number of subscribers in Turkcell, in addition to each of its subsidiaries and unconsolidated investees. Mobile subscribers in Astelit and BeST, in addition to the company’s operations in Northern Cyprus and Fintur were also taken into account.
In the wake of the rise in the number of subscribers in Turkcell Turkey and Fintur, there was an increase of 1.3 million Turkcell Group subscribers, in comparison to the last quarter.