Turk Telekom - financial results

Türk Telekom revenues up 8 pct in 2008, reaches to $10.2 billion

Turkey's telecommunications giant, Türk Telekom, has announced that its income increased by 8 percent in 2008 over the preceding year to total TL 10.2 billion and that its operating profit rose by 6 percent to TL 2.7 billion in 2008.

Apart from its 81 percent share in Avea, one of three GSM operators in Turkey, Türk Telekom, Europe's fifth and the world's 13th largest landline telephone operator, owns 99.9 percent of TTnet, Argela, Innova, IES/Sebit and AssisTT. It also has a minority share in Albtelecom, an Albanian telecommunications operator. Fifty-five percent of Türk Telekom's shares belong to Oger Telecom and 30 percent are held by the Turkish Treasury. The remaining 15 percent are publicly traded.

Commenting on the results, Türk Telekom General Manager Paul Doany said he was glad to have increased revenue amid the ongoing global financial crisis. He said, however, that the increase in new subscribers slowed in 2008 when compared to 2007. Despite some negative developments, Avea, Türk Telekom's mobile arm, registered steady subscriber numbers in 2008, following Vodafone, its main rival. Avea ranks third after Turkcell and Vodafone in terms of subscriber numbers in the Turkish GSM market.