Turkish state-run satellite communications firm posts record sales, profits

Turksat Satellite Communications and Cable TV Operations Company (Türksat A.Ş.) has reached its highest figures in net sales and profit last year, according to the company's annual report.

The share of the company's liquid assets in total assets was 9 percent in 2017, while the share of commercial receivables reached 19 percent in the same period.

The ratio of the company's short-term liabilities to total assets was 15 percent and the ratio of equity to total assets was 82 percent, while the ratio of long-term liabilities to the total assets stood at 3 percent.

The company, which has no obligation for financial institutions, increased its equities to TL 2.2 billion ($540 million).

According to the report, the company, in 2017, achieved its highest figures in net sales, as well as earnings before interest, taxes, depreciation, and amortization (EBITDA), operating profit and period income. Net sales of Türksat increased by 31.55 percent in 2017 from TL 940.8 million to TL 1.2 billion compared to the previous year.

Meanwhile, the sales cost increased by 31.08 percent from TL 760.6 million to TL 997 million in the same period.

Operating profit for the company increased by 126.5 percent to TL 163 million, while the period income increased by 60.08 percent to TL 238.4 million. The company's EBITDA on the other hand, increased by 37.87 percent in 2017 to TL 392 million compared to the previous year.

Last year, net sales for satellite operations surged by 10.11 percent, net sales for cable sales by 21.13 percent, and net sales for computer operations by 115.60 percent.

TL 173.8 million part of the increase of TL 296.7 million in net sales was obtained from information revenue, TL 82.6 million from cable revenue, and the remaining TL 40.4 million from the satellite revenue.

Türksat was one of the state-run communication institutions that was attacked during the July 15 coup attempt.