Global Investment Holdings Announces Consolidated Net Revenues of TL107.0mn and EBITDA of TL72.8mn for H1 2013
23 August 2013
Global Investment Holdings (GIH or the Group) reported consolidated revenues of TL107.0mn for H1 2013, representing an increase of 58% compared to the same period last year.
GIH announced its financial results for the first half of 2013. According to the disclosure, the consolidated net revenues reached TL107.0mn compared to TL67.8mn for the same period last year. All areas of operation recorded growth in H1 2013; yet, the port and energy investments made the most significant contribution to consolidated turnover.
Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) amounted to TL72.8mn for the period, compared to TL10.3mn for the same period last year.
Finally, GIH reported a net profit figure of TL3.5mn in H1 2013, compared to a net loss of TL14.3mn in H1 2012.
On a divisional basis, the Group’s Port Division revenues reached TL60.8mn in H1 2013, representing an 18% increase over the same period in 2012. The Group’s Port Division reported an EBITDA of TL28.3mn in the first half of 2013, compared to TL30.6mn for the same period in 2012, a decrease of 8%. However, when adjusted for TL8.2mn in project development expenses for new port acquisitions in Q2 2013, the Port Division maintained the same level of profitability yoy with an EBITDA margin of 60%.
The Group’s Energy Division revenues in H1 2013 comprised of CNG and feldspar mining sales which amounted to TL24mn. EBITDA of the Division stood at TL53.2mn in the first half compared to TL-7.7mn for the same period last year. The current year EBITDA included TL51.8mn in negative goodwill due to the acquisition of Straton Mining in Q2 2013.
PERA REIT recorded net revenues of TL6.7mn, compared to TL2.3mn for the same period of 2012, representing a 180% increase. The robust performance of the Division was due to a pick-up in residential unit sales in Q2 2013 and contributed materially to the consolidated profit of the Group.
GIH reported a net profit figure of TL3.5mn in H1 2013. Improved operational performance in the period has been partly hampered by non-cash foreign exchange losses on long term loans, higher depreciation and amortization charges and changes in deferred taxation resulting from dividend distribution.
Kerem Eser, the Chief Financial Officer of the Group, stated that the wealth of knowledge accumulated and constant strides made in port management over the past decade had started to bear fruit. Referring to the Port of Bar of Montenegro and other overseas ports the Division is eyeing, Mr. Eser indicated that the Group is exhilarated to be the first and only Turkish port management company with an international footprint. Finally, Mr. Eser underlined that the Groups’ investments in energy and mining industries developed in line with the management targets during first half of the year and the focus on consolidated profitability would remain the main objective of the Group in the foreseeable future.
Further Information
investor@global.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 Borsa Istanbul (as GLYHO.IS) and utilizes its experience in the finance industry for industrial business opportunities.
