Turkcell profit up in second quarter

ISTANBUL – Hürriyet Daily News

Turkey’s mobile operator Turkcell’s net profit rose to 556 million Turkish Liras ($278 million) in the second quarter, in line with expectations, marking a 4 percent increase from the same period a year earlier.

The company’s profit rise is based on earnings before interest taxes depreciation and amortization that reached 869 million liras, a 12 percent increase, and net financing income that rose to 139 million liras.

Turkcell, which has operations in nine countries, raised its subscriber numbers to 69.5 million, a 5.6 percent rise in the same period last year.

Turkcell is at the center of a legal battle for control between its partners, Turkey’s Çukurova Holding, Nordic telecommunications group TeliaSonera, and Russia’s Altimo. The dispute has left Turkcell unable to agree on the composition of its board and unable to distribute its dividends.

Turkey’s Capital Markets Board (SPK) appointed three independent board members to Turkcell in March and two more by Aug. 15. One of them, Ahmet Akça, was appointed as management board chairman of Turkcell on Aug. 19.