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Turkcell Net Profit Falls Mainly Due To Belarus Operations

ISTANBUL -(Dow Jones)- Turkcell Iletisim Hizmetleri AS (TKC, TCELL.IS), Turkey's largest cell phone operator, late Wednesday posted a 9.9% fall in its fourth-quarter net profit, mainly due to one-off items stemming from its Belarusian operations. Turkcell, which has 56% of the Turkish cell phone market, said its net profit in the fourth quarter was 331.7 million Turkish lira ($188.9 million). The profit is down from TRY368.1 million in the same period a year earlier, but above the forecast average in a Dow Jones Newswires survey of six analysts of a TRY296 million net profit. Excluding one-off items mainly relating to Belarusian operations and currency devaluation in Belarus, net income would have been TRY437 million in the fourth quarter, the company said. The company's revenue rose 12% to TRY2.44 billion in the fourth-quarter from the same period a year earlier, in line with average analysts' forecasts of TRY2.41 billion revenue. Turkcell's 2011 full-year net profit fell 33% from the year earlier to TRY1.177 billion, mainly due to one-off items mostly stemming from Belarusian operations. Excluding one-off items and currency devaluation in Belarus, net income would have been TRY1.913 billion in 2011. Commenting on the results, Dalibor Vavruska, an analyst with Citi said: "Somewhat disappointing profitability, in our view, came from competition, relative weakness of the domestic mobile business and not strong enough cost efficiency focus." Turkcell has been the subject of a long running battle for control between Sweden's TeliaSonera A.B. (TLSN.SK) and Russia's Altimo, a Moscow-based unit of Russia's Alfa Group, on one side and Turkey's Cukurova on the other. -By Yeliz Candemir, Dow Jones Newswires, +905302247749, yeliz.candemir@dowjones.com -0-

Stock News for Turkcell Ilet (TKC)
DateTimeHeadline
02/05/201409:52:08Turkcell Shareholder Cukurova Gets Extension on Payment to Alfa...
01/02/201409:04:15Turkcell Says Faces TRY527.7 Million Tax Demand and Fine
11/15/201309:01:37HBK Investments LP 3Q 13F: Largest Eliminations
11/15/201309:01:27HBK Investments LP 3Q 13F: Largest Eliminations -2-
11/15/201309:01:27HBK Investments LP 3Q 13F: Largest Sales
11/15/201309:01:27HBK Investments LP 3Q 13F: Largest Purchases
08/16/201306:53:36Turkish Regulators Move to End Turkcell Quagmire
07/29/201311:55:22UK Court Grants Turkcell's Stakeholder Cukurova Extension to...
07/16/201309:02:12Turkcell Holder Cukurova Seeks Extension For $1.56 Billion Alfa...
07/16/201306:15:09Turkey's Regulator to Appoint Two Board Members to Turkcell
07/09/201310:13:11TeliaSonera Welcomes UK Court Decision on Turkcell
07/09/201306:09:58Turkcell Majority Stake to Cost Cukurova $1.56 Billion, UK Court...
06/24/201306:24:16TeliaSonera: Regrets Turkcell's Failed AGM
05/29/201311:36:08Turkcell To Hold Postponed Annual General Meeting on June 24
05/14/201306:56:13Turkcell Seeks Board Approval to Distribute At Least 50% of Profit...
04/17/201305:16:38Turkcell to Hold General Assembly on May 22
03/12/201306:04:12Turkey's Regulator Appoints Three Independent Board Members to...
03/04/201305:54:11SUBSCRIBERS: Please Disregard Headline on Turkcell Majority Stakeholders
01/30/201307:48:22Turkcell Controlling Stakeholder Cukurova Could Redeem Shares...
10/30/201211:31:54MTN Uganda Executives On Trial Over $27 Million Tax Scam

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