Global Investment Holdings Announces Consolidated Net Profits of TL 131.4 million in the 9 months of 2012
05 November 2012
Global Investment Holdings reports consolidated net profits of TL 131.4 million in the 9 months of 2012 ended on 30 September 2012, compared to a net loss of TL 63.0 million in the same period last year.
Global Investment Holdings announced its financial results for the third quarter of 2012. According to the disclosure, the consolidated net revenues amounted to TL 282.5 million, representing a growth of 23%, compared to TL 230.0 million for the same period of the previous year.
The main driver of the revenue growth has been the increases in Ports, Energy and Real estate divison revenues.
On the profit line, the Company reported a net profit of TL 131.4 million for the 9 months period in 2012 compared to a net loss of TL 63.0 million during the same period in 2011. Group’s consolidated EBITDA reached TL 187.2 million, representing 141% increase compared to the same period in 2011. The sale of Group’s interest in regional gas distribution assets has been instrumental in the increase in profitability.
On a divisional basis, the Group’s Port Divison revenues reached TL 91.2 million in 9M 2012, representing a 16% increase over the same period of last year, while the EBITDA increase was 31%, from TL 44.8 million to TL 58.8 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 recorded a gain from this sale amounting to TL 150.2 million as per consolidated financials prepared in accordance with the CMB regulations.
Kerem Eser, Chief Financial Officer of the Group, stated that as a result of successful portfolio restructuring and eurobond redemption on the last quarter of 2012, Group’s consolidated financial indebtedness has vastly improved, where consolidated gross financial debt has decreased by 32%, from TL 445.6 million in 31 December 2011 to TL 301.5 million as of 30 September 2012. He further stated that this coupled with a 23% organic growth in Group’s recurring businesses compared to same period last year, is quite satisfactory. 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 Eser further 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.
