Turk Telecom’s saw profits fall 50.1 percent in 2013 despite revenues rising four percent year-on-year to €4.3 billion.
The decline in profits, to €433 million, was due to the “unavoidable” depreciation of the Turkish Lira against the euro and US dollar, the operator said.
The revenue growth was thanks to the addition of one million new mobile subscribers (to 14.5 million) and 300,000 broadband customers (to 7.3 million).
These two businesses are the operator’s “growth engines”, according to new CEO Rami Aslan, as they account for more than half of the operator’s total revenues.
TT also saw ICT revenues grow by €85 million.
“We maintained a growth momentum throughout the year and achieved a strong finish in Q4,” commented Aslan.
“In 2013 we invested €725 million in our business with primary focus on network expansion and upgrades to lay the foundations for continued growth. Our fiber to the home/building coverage reached over 2.5 million home-passes, while the number of mobile base stations increased to 27.4 thousand, demonstrating 14 percent annual growth. We now cover 84 percent of the population with our fast 3G network, up from 79 percent a year ago.”
Aslan was named as chief executive in December, replacing Hakam Kafani.
Berna Koktener, Analayst at Turkish Investment firm TEB said that the operator has shown very strong subscriber figures, but mobile ARPU was weaker than expected.