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Turkcell Heads to One-Year High on Earnings: Istanbul Mover

Feb. 20 (Bloomberg) -- Turkcell Iletisim Hizmetleri AS, Turkey’s largest mobile phone company, headed to its one-year high after the company’s fourth-quarter earnings forecast beat analyst estimates.

The stock increased 1.6 percent to 9.92 liras, the highest since Feb. 23, 2011, on a closing basis as of 3:57 p.m. in Istanbul. It rose 12 percent this year compared with a 20 percent jump in the benchmark Istanbul National 100 Index.

Fourth-quarter earnings will probably be 330 million liras ($188.1 million), the company said in a statement after the market closed Feb. 17. Previous guidance for currency losses of 263 million liras at Belarus unit BeST is no longer valid, it said.

Analysts predicted earnings of 255.6 million liras, according to the average of 17 estimates in a Bloomberg survey. Turkcell will hold a review of its 2011 financial and operational performance on Feb. 23, according to an e-mail from the company today.

To contact the reporter on this story: Benjamin Harvey in Istanbul at bharvey11@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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