Turkcell Iletisim Hizmetleri AS (TKC), a Turkey-based communications and technology company, Friday stated that it sees negative impact from impairment charges, write-offs and legal reserves in the fourth quarter of fiscal 2009. The company also provided net income and revenue outlook for the quarter.
Turkcell expects fourth-quarter consolidated net income of approximately TRY250 million, including charges of approximately TRY260 million.
The charges recognized include goodwill impairment charges in Belarus, fixed asset write offs related to operations in Belarus and Turkey, and legal reserves related to the Telecommunications Authority's, Tax Authority's and Competition Board's recent decisions in Turkey.
Excluding the charges, the company's net profit is projected to be TRY510 million for the quarter.
Turkcell also stated that it sees fourth-quarter revenues of TRY2.32 billion before one-time charges of TRY60 million. Including the impact of one-time charges and reimbursements based on the Regulator's decisions, revenue is estimated to be TRY2.26 billion for the quarter.
The company also forecasts consolidated EBITDA of approximately TRY680 million in the quarter. The charges will have a negative EBITDA impact of TRY40 million without which EBITDA for the quarter would be TRY720 million.
Turkcell is scheduled to announce its fourth-quarter and fiscal 2009 results on March 10.
TKC closed Thursday's trading at $15.08, down $0.41, on a volume of 1.99 million shares.
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