Vodafone Turkey Unit Reports First Annual Profit in Four Years

Vodafone Group Plc (VOD)’s Turkish unit recorded its first annual operating profit in four years, Serpil Timuray, chief executive of Turkish operations, said.

Vodafone Turkey had an operating profit of 3.5 million liras ($1.9 million) in the fiscal year that ended March 31, compared with a loss of 174 million liras in the previous year, Timuray said at a news conference in Istanbul today.

Europe’s biggest telephone company, which bought the Turkish unit for $4.55 billion in 2005, didn’t break down the profit figure for Turkey operations when it announced full fiscal year results May 22.

Vodafone Turkey competes with Turkcell Iletisim Hizmetleri AS (TCELL), the country’s biggest mobile-phone operator, and Avea Iletisim Hizmetleri AS, a unit of Turk Telekomunikasyon AS. (TTKOM)

To contact the reporter on this story: Ercan Ersoy in Istanbul at eersoy@bloomberg.net

To contact the editor responsible for this story: Benedikt Kammel at bkammel@bloomberg.net

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