Turk Telekom Net Profit Slightly Below Forecasts on Higher Cost of Sales

By Yeliz Candemir

ISTANBUL--Turk Telekomunikasyon AS (TTKOM.IS) reported Wednesday a near 1% rise in fourth-quarter net profit, but the result was slightly below analyst expectations due to a higher cost of sales.

Net profit totaled 599.5 million Turkish lira ($339 million), below the TRY608 million forecast of analysts polled by Dow Jones Newswires, and marginally above the TRY595 million profit posted a year earlier.

Income from sales increased to TRY3.32 billion from TRY3.02 billion, according to a statement to the Istanbul Stock Exchange.

For full-year 2012, net profit rose 28% to TRY2.64 billion from TRY2.068 billion. Full-year income from sales rose to TRY12.7 billion from TRY11.94 billion.

Turk Telekom, which is controlled by Dubai-based Oger Telecom, listed on the Istanbul Stock Exchange in May 2008.

Write to Yeliz Candemir at [e-mail]

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