GIH announced its financial results for the first half of 2015. The consolidated net revenues reached TL234.1mn compared to TL158.5mn in the same period last year, representing an increase of 48%. All of the business divisions in which the Company operates contributed to this increase, Port and Energy being the largest contributors.

GIH also announced that, at the end of first half of 2015, Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) amounted to TL77.5mn, representing 88% increase compared to the same period last year. The comparable figure for the same period for 2014 was TL41.3mn. Holding company itself which is a pure cost center, also registered a positive EBITDA of TL5.8mn, triggered by sale of treasury shares during the period.

On a divisional basis, the Group’s Port Division revenues reached TL120.6mn in the first half of 2015, representing a 41% increase over the same period in 2014. A significant portion of this increase is attributable to the contributions from the Group’s cruise port operations, despite the fact that cruise port activities were relatively low in first six months of the year due to seasonality. Revenues have also been positively affected by TL’s depreciation in value against hard currencies, and tariff adjustments.

The Energy Division’s revenues posted a significant turnaround in the first half of the year, surging 61% over the same period of 2014. Division revenues consisted of mainly sales from CNG, mining operations, and energy efficiency services rendered, yet Naturelgaz contributed the most, as CNG sales volumes reached 56.5mn m3 in H1 2015, representing a 60% increase over the same period in 2014. This increase excludes the fact that some sales were shifted to third quarter due to changes in seasonality. Reported EBITDA of the Division totaled TL12.6mn, compared to TL9.9mn in the first half of 2014.

GIH reported a consolidated net loss of TL51.6mn in the first half of 2015, compared to a net loss of TL33.1mn in the same period of 2014. The loss is mainly attributable to non-cash depreciation charges amounting to TL65.0mn (TL42.6mn in 2014) and foreign exchange differences amounting to TL24.7mn (TL0.1mn in 2014). Group’s port and mining operations in particular highly benefit from a weaker TL against major hard currencies, which is reflected as a strong growth in their respective revenue and cash generating capabilities. Foreign exchange denominated long term financial debt at Holding stand-alone level, on the other hand, created non-cash foreign exchange losses, especially in the last quarter of 2015.

The Chief Financial Officer of the Group, Kerem Eser underlined that, already being satisfied with the performance of the existing portfolio assets, the Company will continue its aggressive policy of growth by means of new acquisitions and investments mainly into cruise business, mining and renewable energy generation. He further stated that as an investment holding company, company financials would better be interpreted if more focus is given to net asset values created over time.

Mr. Eser, further commented on the highlights of the first half of the year, indicating that the Board has decided to cancel treasury shares held by the Company corresponding to 5.24% of the total issued share capital, and once this decision is approved at the general shareholders’ meeting, the share price of the Company will be adjusted by BIST on the day of cancellation to reflect the decrease in the number of shares. Accordingly, in line with its dividend policy, the cancellation process implies a dividend yield of 5.5% calculated at the current market capitalization of the Company.

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