Türk Telekom posts strong results in Q2

ISTANBUL

Türk Telekom posted strong financial results in the first half of the year, increasing its consolidated revenues by 4.4 percent year-on-year to 33 billion Turkish Liras ($980 million) in the second quarter and by 5 percent to 63.2 billion liras ($1.85 billion) in the first half.

The company’s net income was 1.4 billion liras ($41 million) in the second quarter and 2.5 billion liras ($73.5 million) in the first half, with EBITDA growing 21.6 percent in Q2 to TL 12.8 billion ($276 million).

“We are extremely pleased to see significant improvements in our operating profitability and cash flow in the second quarter affirming the precision of the measures we have put into effect over the past few quarters,” Türk Telekom CEO Ümit Önal said.

“Even more pleasing is to have the confidence that our performance will excel in the second half of the year to help us comfortably achieve our full year targets.”

The downward trend in inflation seen in July/August will support the acceleration in the company’s revenue growth in the coming months, he added.

“Hovering around the high-end of our guidance range in the first half, EBITDA margin has outperformed our expectations so far,” Önal said.

“Cash flow has reinstated its strength with progressive EBITDA generation and is set to enjoy the high season ahead. We managed to secure the momentum we have been looking for in our businesses this year and we will make every effort to maintain this trend over the coming years both in the core and adjacent areas we operate in.”