TURKCELL 2Q18 - OPERATIONALLY STRONG
TL415m NI was 11% lower than cons due to FX losses, increased interest expenses on loans, higher depreciation and amortization expenses and higher tax rate. TL2,128m EBITDA at 41.7% margin was 6% higher supported by solid revenue growth of 18.3% y/y to TL5,105mn (con TL4,978m) thanks to inflationary price adjustments, soaring data consumption, higher postpaid ratio, increased usage of digital services), and effective opex and cost management. Note that opex was at a low 12.2% of revenues in 2Q18.Turkcell Iletisim Hizmetleri is a provider of mobile services in Turkey. Co. provides mobile voice, internet and other services over its mobile communications network. Subscribers can choose between postpaid and prepaid services. Postpaid subscribers sign a subscription contract, and receive monthly bills for services, while prepaid subscribers must purchase a starter pack which consists of a SIM card and inclusive airtime. GSM offers a range of services that include voice, circuit switched data, packet data and fax, in addition to standard service offerings such as call barring, call forwarding, call waiting and roaming into areas serviced by other GSM carriers.
BGC has been one of the major market players in Turkish OTC debt, FX and swaps markets since 1998.
We started offering corporate finance and investment banking services to our clients in 2013. We offer a complete range of financial services to help our clients achieve their goals. Our main areas of activity within investment banking are as follows:
- Mergers & Acquisitions
- Equity Capital Markets
- Debt Finance & Advisory
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