CORRECTED-UPDATE 1-Stronger lira boosts Turk Telekom profit
(Corrects headline and lead to make clear lira is stronger)
ISTANBUL Oct 17 (Reuters) - Turk Telekom, Turkey's main landline operator which also has mobile phone and broadband businesses, posted a 77 percent surge in quarterly net income on the back of lower financial expenses, due to the appreciation of lira compared to same period last year.
Third-quarter net profit of 636.4 million lira ($352.7 million) was slightly below a forecast of 655.4 million lira in a Reuters poll of 12 analysts, while sales were in line with expectations.
"We recorded a net financial expense of 85 million lira in Q3 2012 compared to net financial expense of 460 million lira in Q3 2011 which was recorded mainly due to lira's depreciation (last year) against dollar and euro," the company said on Wednesday.
Profit was 359.5 million lira in the same period of 2011, according to a statement filed with the Istanbul Stock Exchange.
Sales were 3.24 billion lira ($1.8 billion) versus 3.07 billion lira in the year-ago period, the statement also showed.
"The main drivers of revenue growth are mobile business, construction revenue, ADSL (broadband internet) business, and data services," the company statement said.
Turk Telekom shares hit session low of 7.02 lira after the results announcement, and traded 0.56 percent lower at 7.04 lira by 1335 GMT.
($1 = 1.8043 Turkish liras) (Writing by Ece Toksabay; Editing by MarkPotter)
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