ECONOMY

Turkcell’s profit goes up 69 percent in Q2

TURKCELL’S PROFIT GOES UP 69 PERCENT IN Q2

Turkcell's net profit rose to 704 million Turkish liras (almost $200 million) in the second quarter of the year, marking a 69 percent increase year-on-year, the leading mobile network operator announced Friday.

"Total revenues climbed 29 percent to 4.32 billion liras ($1.22 billion) in the period and Turkcell has maintained its leadership in the local market," CEO Kaan Terzioğlu said in a press release.

The company's profit rise is based on core earnings before interest, taxes, depreciation and amortization (EBITDA) that reached 1.46 billion liras ($412 million), corresponding to a 42 percent increase, Terzioğlu added.

In June, Turkcell was ranked Turkey's second most valuable brand of the year with a brand value of $1.96 billion.

According to the London-based Brand Finance valuation consultancy's list of top 100 Turkish brands for the year, Turkcell's value was up 37 percent compared to last year.

In Turkey, GSM-based mobile communication began when Turkcell commenced operations in 1994.

Since then, it has continuously expanded its services based on mobile audio and data communication.

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