Turkcell: net profit down 45.3% in 4Q09

11 Mar 2010

Mobile group Turkcell has reported a 45.3% year-on-year decline in fourth quarter net profit, down from TRY462 million (USD300.4 million) in the final three months of 2008 to TRY253 million a year later. The company attributed the drop to impairment charges, fixed asset write-offs and legal payments totalling TRY256 million in the three months ended 31 December 2009. Revenues for the period slipped by 3% year-on-year to TRY2.26 billion while earnings before interest, tax, depreciation and amortisation (EBITDA) fell by 11.5% from TRY770 million to TRY682 million. Full year net profit fell by 25.9%, meanwhile, down to TRY1.7 billion as accumulated legal fees and impairment charges of TRY381 million took their toll on bottom line earnings. Despite a 4.3% drop in subscribers in its domestic operation (down to 35.4 million cellular subscribers), Turkcell group saw its consolidated customer base grow by 2% year-on-year, ending December 2009 with 62.7 million subscribers.