Global Investment Holdings Announces Consolidated Revenues of TL 223.8 million for the 1st Half of 2012
17 August 2012
Global Investment Holdings reports consolidated revenues of TL 223.8 million for the 1st Half of 2012 ended on 30 June 2012, representing an increase of 36% compared to last year.
Global Investment Holdings announced its financial results for the first half of 2012. According to the disclosure, the consolidated net revenues amounted to TL 223.8 million, representing a growth of 36%, compared to TL 164.8 million for the same period of the previous year.
The main driver of the revenue growth has been the increases in both Ports and Energy divison revenues.
Global Investment Holdings also announced that, in the first half of 2012, it recorded an Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) amounting to TL 14.4 million.
Despite the improved operational performance in the revenue and EBITDA lines, the Company reported a net loss of TL 14.4 million, mainly due to non-cash depreciation and amortisation charges.
On a divisional basis, the Group’s Port Divison revenues reached TL 51.5 million in 1H 2012, representing a 22% increase over the same period of last year, while the EBITDA increase was 28%, from TL 24 million to TL 30.6 million.
In July 2012, Global Investment Holdings fully divested its 50% interest in regional gas distribution assets (Energy Investment Holding) which were contributing negatively to the consolidated profits and cash flow, mainly due to low gas margins, high investment requirements and accounting policies applied.
The Group will record a gain from this sale amounting to TL 62.9 million as per statutory records prepared on a solo basis, and a gain of TL 150.2 million as per consolidated financials prepared in accordance with the CMB regulations. The profit on this transaction will be accounted for in the 3rd Quarter financial statements.
Kerem Eser, Chief Financial Officer of the Group, stated that a 36% increase in consolidated revenue compared to same period last year, is quite satisfactory. He underlined that with the full redemption of the eurobond related loan on 31 July 2012, the consolidated financial indebtedness of the Group has decreased significantly. Reminding the additional cash proceeds and the reduction in bank loans as a result of the divestiture of the Group’s interest in Energy Investment Holdings, he further stated that the Group’s cash position has become more robust, and the consolidated net indebtedness has been further reduced. Eser emphasized that for the upcoming periods, Global Investment Holdings will continue to grow with new investments under development, Thermal Power Plant in Şırnak with an initial capacity of 270 MW being one of the biggest milestones.
The Group CFO Kerem Eserfurther stated that, the Group has signed share purchase agreements to acquire 55% additional shares of Naturelgaz, and subject to the approval of regulatory bodies, Group’s shareholding in Naturelgaz will increase to 80%.
Further Information:
Optima İletişim / Burçin Baygül / 0212 347 79 11 / burcin@optima-tr.com
About GIH
Global Yatırım Holding A.Ş. (Global Investment Holdings) was regrouped as a holding company on 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 the Istanbul Stock Exchange (as “GLYHO.IS”) and utilizes its experience in the finance sector, for industrial business opportunities.
