April 9, 2012 / 9:25 AM / 7 years ago

Turkey's Dogan Yayin posts 1.2 bln lira loss after tax fines

ISTANBUL, April 9 (Reuters) - Dogan Yayin Holding , Turkey’s biggest media group, posted a net loss of 1.2 billion lira ($669.19 million) for 2011 compared with a loss of 236 million lira the previous year, after paying fines of more than 900 million lira for failure to pay taxes.

Its sales for the year totalled 2.61 billion lira, up 14 percent, it said in a filing to the Istanbul Stock Exchange at the weekend.

The company said it wrote off 913 million lira for restructuring of tax debts in 2011.

Turkish tax authorities imposed more than 4 billion lira in back taxes and fines in a range of cases against Dogan Yayin for failure to pay taxes due between 2005 and 2007 on share transactions between group companies. Under an amnesty the total was reduced to 988 million lira.

The size of the fines prompted some commentators to accuse authorities of using taxes to punish Dogan Yayin for critical coverage of the government. The government has denied the fines were politically motivated.

Dogan Yayin sold some of its media assets last year but has said it will not withdraw from the media business entirely. ($1 = 1.7932 Turkish liras) (Writing by Seda Sezer; Editing by Michael Watson)

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