ISTANBUL--Turk Telekomunikasyon AS (TTKOM.IS) said Monday its
second-quarter net profit rose 24.5% on the year, reflecting
foreign exchange gains as a result of the depreciation of the euro
against the Turkish lira, but lower than analysts' forecasts.
Net profit was 629.6 million Turkish lira ($347.08 million),
below the TRY661 million forecast by analysts polled by Dow Jones
Newswires, but it was higher than the net profit of TRY505.7
million a year earlier.
The company's income increased to TRY3.18 billion in the quarter
from TRY2.96 billion a year earlier.
After the lower-than-expected results, Turk Telekom shares were
trading steady at TRY7.00, amid a 0.02% lower overall Istanbul
market at 1200 GMT.
Turk Telekom, which is controlled by Dubai-based Oger Telecom,
listed on the Istanbul Stock Exchange in May 2008.
Write to Yeliz Candemir at yeliz.candemir@dowjones.com
