Global Investment Holdings Announces Consolidated Net Revenues of TL182.8mn and EBITDA of TL97.1mn in the first nine months of 2013 mounths of 2013
12 November 2013
Global Investment Holdings (GIH or the Group) reported consolidated revenues of TL182.8mn for the nine months of 2013, compared to TL124mn for the same period last year, representing an increase of 47%.
GIH announced its financial results for the first nine months of 2013. According to the disclosure, consolidated net revenues reached TL182.8mn compared to TL124mn for the same period last year, representing an increase of 47%. This increase is due to robust operating performance of all of the business divisions in the Group with the Port and Energy Divisions being the largest contributors to consolidated revenues.
Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) amounted to TL97.1mn, including TL54.5mn goodwill gain from asset acquisitions. The comparable figure for the same period for 2012 was TL181.5mn incorporating a TL150.2mn gain from asset sales.
On a divisional basis, the Group’s Port Division revenues reached TL107.4mn in the nine months of 2013, representing an 18% increase over the same period of 2012. Commercial port activities, and in particular the operational performance of the Port of Antalya were instrumental in the increase. The division’s normalized EBITDA (adjusted for non-recurring project expenses) was TL69.3mn in the first nine months of 2013, compared to an EBITDA of TL58.8mn in the first period of 2012, representing an improvement of 18%.
The Group’s Energy Division revenues in the first nine months of 2013 were comprised of CNG and feldspar mining sales amounting to TL41.4mn. EBITDA of the Division stood at TL51.5mn in the first nine months of 2013 compared to TL-9.6mn for the same period last year. 2013 EBITDA included negative goodwill gain of TL54.5mn arising from the acquisition of energy assets.
Finally, GIH reported a net loss figure of TL16mn in Q3 2013 with the main reasons being foreign exchange differences amounting to TL28.9mn incurred on Group’s long term loans and depreciation and amortization charges of TL39.0mn triggered by asset acquisitions. Also, as a result of dividend distribution deferred taxes increased to TL11.2mn in 2013.
Kerem Eser, the Chief Financial Officer of the Group, referring to the continuous double digit growth in the operational performance of existing ports and the recent acquisition of new port assets, stated that the management is pleased with Group’s cash generating capacity. In fact, Mr. Eser underlined that all business segments were cash positive in the third quarter of 2013. Finally, Mr. Eser mentioned that the main focus of the Group would continue to remain on profitability and receiving sustained cash dividends from investments in mainly energy, mining and real estate.
Further Information:
investor@global.com.tr
About GIH
Global Yatırım Holding A.Ş. (Global Investment Holdings) was regrouped as a holding company in October 2004 (www.globalyatirim.com.tr) to hold a diversified portfolio of investments in a number of businesses, including infrastructure, real estate, energy, and financial services. Global Investment Holdings is listed on Borsa Istanbul (as GLYHO.IS) and utilizes its experience in the finance sector for industrial business opportunities.
