Turk Telekomunikasyon AS (TTKOM.IS) said Tuesday its first-quarter net profit rose 27% on the year, reflecting foreign exchange gains based on a strengthening Turkish lira versus the dollar.

Net profit was 771.6 million Turkish lira ($431.03 million), above the TRY731 million forecast by analysts polled by Dow Jones Newswires, and compares with net profit of TRY608.8 million in the same period last year.

The company's income increased to TRY2.95 billion in the quarter from TRY2.88 billion a year earlier.

After the better than expected results, Turk Telekom shares were trading 2.2% higher at TRY7.38, amid a 0.7% higher overall Istanbul market at 1120 GMT.

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

-By Yeliz Candemir, Dow Jones Newswires, +90 530 224 77 49; yeliz.candemir@dowjones.com

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