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while revenues from banking operations declined to TRY9.2bn from TRY9.98bn.
Sabanci reported that 31% of its revenues came from energy operations, 34% from banking services and 14% from retail.
Revenues from energy increased by 22% y/y in the quarter to TRY8.44bn. Retail revenues grew 36% y/y to TRY3.7bn.
In the first nine months of 2020, Sabanci Holding’s combined revenues stood at TRY75bn, representing a 4% y/y increase. Consolidated net income jumped 37% y/y to TRY3.98bn.
Sabanci Holding’s Teknosa, one of Turkey’s largest consumer electronics retailers, ​posted​ a net income of Turkish lira (TRY) 62.6mn (€6.4mn) in the third quarter versus a net loss of TRY35.2mn a year ago (See Section 9.2.7).
Turk Telekom ​posted​ a Q3 net income of Turkish lira (TRY)432mn (€43mn) compared to the TRY1.1bn it recorded a year ago.
The number of Turk Telekom subscribers reached 49.5mn, with 857,000 net additions in Q3.
Turkcell, Turkey’s leading mobile operator, ​posted​ a net income of Turkish lira (TRY) 1.2bn (€119mn) in Q3​, marking a 51.1% y/y increase.
Turkcell had a total of 36.9mn subscribers as of end-Q3, down from 37.3mn a year ago.
Turkish Airlines ​reported​ a net loss of Turkish lira (TRY) 946mn ($112.24mn) in the third quarter​ as against a profit of TRY3.71bn a year ago.
Migros, one of Turkey’s largest supermarket chains, ​reported​ a 95% y/y decline in its net income to TRY9mn (€0.9mn) in Q3​. In the first nine months of the year, the company’s sales revenues leapt 23% y/y to TRY21.1bn while its net loss expanded to TRY282mn from TRY202mn a year ago.
4.4​ Fixed investment
Hyosung T&C ​said​ on November 2 that it plans to invest South Korean won (KRW) 60bn ($52.9mn) to more than double the capacity of its spandex production plant in Turkey.
Kazakhstan’s Foreign Ministry, Kazakh capital Nur-Sultan’s municipal government and Turkish company MFA Mask ​signed​ a trilateral memorandum on the implementation of a project to construct a plant for the production of masks and other medical equipment.
Turkish company SASA was ​granted​ substantial government incentives for its planned Turkish lira (TRY) 11bn (€1.2bn) PTA and polymer chips plant in the southern province of Adana.
27​ TURKEY Country Report​ December 2020 ​ ​www.intellinews.com