By Yeliz Candemir
ISTANBUL--Turkcell Iletisim Hizmetleri AS (TKC), Turkey's leading cell phone operator, late Wednesday posted better-than expected results in the second quarter, mainly due to higher net financial gains on the back of the removal of a foreign exchange loss stemming from operations in Belarus.
Turkcell said its net profit in the second quarter was 535.8 million Turkish lira ($294.3 million), compared with a net loss of TRY18.4 million in the same period a year earlier and above the average forecast in a Dow Jones Newswires survey of six analysts for net profit of TRY471.2 million.
The company's revenue rose 12.5% to TRY2.56 billion, above average analysts' forecasts of TRY2.4 billion revenue.
"The bottom line was positively affected by the TRY39.3 million monetary gain out of inflation accounting standards applied for Belarusian subsidiary and hence paved the way for an upward revaluation of the assets," said Istanbul-based brokerage Ekspres Invest in a note.
Write to Yeliz Candemir at email@example.com
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