Global Investment Holdings Announces Consolidated Net Revenues of TL 142.5 Million for 2012 1Q
18 May 2012
Global Investment Holdings reports consolidated revenues of TL 142.5 million for the 1st Quarter of 2012, representing an increase of 49% compared to last year.
Global Investment Holdings announced its financial results for the first quater of 2012. According to the disclosure, the consolidated net revenues amounted to TL 142.5 million, representing a growth of 49%, compared to TL 95.6 million for the same period of the previous year. The main driver of the revenue growth came from the significant increase in both Ports and Energy divison revenues.
On the profit line, the Company successfully reported a net profit of TL 1.7 million for the first quarter compared to a net loss of TL 18.3 million during the same period in 2011. This turn around was also clearly visible at the EBITDA line, reporting a healthy TL 3.1 million in 1Q, compared to a negative EBITDA of TL 0.1 million in 1Q 2011.
On a divisional basis, the Group’s Port Divison revenues reached TL 17.5 million in 1Q 2012, representing a 24% increase over the same period of last year, while the EBITDA increase was an impressive 46% from TL 5.9 million to TL 8.6 million
Group’s Energy division reported a significant jump in revenues in the first quarter of this year with TL 117 million, an increase of 64% compared to the same period last year, an was the largest contributor to the Group’s net consolidated revenues.
Kerem Eser, the Chief Financial Officer of the Group, emphasized that the 49% increase in the net revenues was in line with budget expectations and that the Company will continue to grow as more and more of Group’s investments come alive. Kerem Eser stated the Energy Division will continue to grow and that the biggest milestone is yet to come with the Thermal Power Plant in Şırnak, which is currently in the process of starting construction within 2012. Eser further stated that the Project will contribute to the national economy in terms of reducing the import of energy resources is expected to provide local employment opportunity for 2.500 people. He added that the construction of the initial 270 MW thermal power plant capacity is planned to generate 1.8 bn kWh of electricity per annum once operational in 2015.
www.globalyatirim.com.tr
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.
