BGC Partners: TURK TELEKOM 1Q19 Earnings: Strong operational profitability, slightly higher bottom line
Turk Telekom reported a net profit of TL310mn 1Q19, supported by a robust operational profitability and tax income of TL94.7mn, above consensus estimate of TL246mn (BGC: TL323mn). The company’s indebtedness and short FX position had a negative impact on the bottom line in 1Q19, as expected. Excluding FX & FX hedging impacts, net income was TL952mn in 1Q19, up by 17% y/y.Turk Telekomuniksayon is an integrated telecommunications company in Turkey. Co.'s principal activities include the provision of local, national, international and mobile telecommunication services, internet products and services, as well as call centre and customer relationship management, technology and information management. Co. has service network and product range in the fields of individual and corporate services. Co. provides services in all 81 cities of Turkey. Co. has two main segments; fixed line and mobile. As of Dec 31 2015, Co. had 12.9 million fixed access lines, 8.0 million broadband and 17.3 million mobile subscribers.
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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