Wednesday, mobile communications services provider Turkcell Iletisim Hizmetleri A.S. (TKC), reported a decline in first-quarter profit mainly due to the adverse impact of the decline in the value of Turkish currency against the US dollar.
The Istanbul, Turkey-based company posted a first quarter net income of US$344.2 million or US$0.156465 per share, compared to income of US$486.8 million or US$0.221268 per share in the prior year.
Total revenues for the quarter declined to US$1.28 billion from US$1.57 billion last year.
The decline in net income and revenues was mainly due to the depreciation of Turkish lira against the US dollar. Turkish lira depreciated by 37.9% against the US dollar, compared to the prior year.
In Turkish currency, net income declined slightly, while revenues increased 12.3% from the previous year.
Group subscribers annually increased by 9% to 61.4 million with 1.3 million new subscriptions from Turkcell Turkey and 2.1 million from Astelit.
TKC closed Wednesday's regular trading on the NYSE at $12.70, down $0.31 or 2.38% with a volume of 0.82 million shares. After the hours, the stock is trading further down $0.03 or 0.24%.
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