Turk Telekom posts third quarter results

Turk Telekom (TT) has revealed that its third quarter revenue reached TRY3.24 billion (USD1.8 billion), up 5.5{e1f18614b95d3cd6e4b3128e1cd15d99b042a60a5a19c19b7a8e07e7495efa10} year-on-year. ‘The main drivers of revenue growth are mobile business, construction revenue, ADSL business, and data services,’ the company said in a statement filed with the Istanbul Stock Exchange. Net income for the quarter soared 77{e1f18614b95d3cd6e4b3128e1cd15d99b042a60a5a19c19b7a8e07e7495efa10} to TRY636.4 million. TT said the large increase is attributable to significantly higher net financial expenses recorded in the third quarter of 2011: ‘We recorded a net financial expense of TRY85 million in Q3 2012 compared to net financial expense of TRY460 million in Q3 2011, which was mainly due to the lira’s depreciation last year against the dollar and euro.’ According to TeleGeography’s GlobalComms Database, TT controls around 87{e1f18614b95d3cd6e4b3128e1cd15d99b042a60a5a19c19b7a8e07e7495efa10} of Turkey’s retail broadband subscriber market, and almost 20{e1f18614b95d3cd6e4b3128e1cd15d99b042a60a5a19c19b7a8e07e7495efa10} of the country’s wireless subscribers.