Turk Telekom posts $253.6M net profit in H1

ISTANBUL

Turkey's telecommunications giant Turk Telekom posted net profits of 1.64 billion Turkish liras ($253.6 million) in the first half of 2020, up from 745 million liras ($132.5 million) in the same period last year.

The firm's net sales were 13.27 billion Turkish liras ($2.05 billion) in the January-June period, increasing from 11.16 billion ($1.98 billion) in the first six months of 2019, according to the firm's statement on Thursday.

The US dollar/Turkish lira exchange rate was 6.47 on average in the first half of 2020 and 5.62 in the same period 2019.

The number of the firm's subscribers -- broadband, fiber, fixed voice and mobile -- reached 48.7 million as of the end of the first half of 2020.

In the second quarter of 2020, it had made net sales of nearly 7 billion Turkish liras ($1.01 billion) and net profits were 980 million liras ($142.6 million), up by 21% and 125.5% year-on-year, respectively.