Turkcell posted a three percent decrease in revenues in the first quarter of 2003, falling to $491.1 million from $504.9 million in the fourth quarter of 2002. The results are unaudited and reported in accordance with accounting principles generally accepted in the United States.
Adjusted EBITDA(b) before the impact of translation gain/loss increased 46 percent to $198.3 million ($135.7 million). Adjusted EBITDA after the impact of translation gain/loss increased 43 percent to $197.2 million in the first quarter of 2003, due to a higher pre-FX EBITDA base.
Turkcell's net income improved to $39.5 million, a loss of $17.6 million, in the first quarter of 2003. The company added approximately 589,000 net new subscribers during the first quarter of 2003, increasing Turkcell's number of subscribers to 16.3 million as of March 31, 2003.
Turkcell paid a total of $313.3 million of principal and interest including the redemption of the 1999 bank facility in the first quarter of 2003. Akbank agreed to extend the maturity of its outstanding loan to Turkcell, a total of $125 million, due in May and June 2003 to be repaid in two equal installments in 2004 and 2005.
A of March 31, Turkcell had $308.9 million in cash. The company accrued approximately $21.4 million in its first quarterfinancials due to the frequency usage fees payment. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
