Doğan revenues rise 14 percent in 2011

Doğan revenues rise 14 percent in 2011

ISTANBUL - Hürriyet Daily News
Doğan revenues rise 14 percent in 2011

Doğan Holding Chairwoman Begümhan Doğan Faralyalı (L) and Chief Executive Officer Yahya Üzdiyen share the group’s future vision at a press meeting in Istanbul. DHA photo

Doğan Holding’s total consolidated revenues increased by 14 percent year on year in 2011 to 2.8 billion Turkish Liras, the group announced yesterday.

The holding made a total of 757 million liras of net loss in 2011 mainly due to a now-settled tax conflict.
The holding plans to continue its international media investments, said Begümhan Doğan Faralyalı, chairwoman of the holding, at a news conference held in the company’s Istanbul headquarters yesterday.

Doğan Holding, a Turkish conglomerate active in the media, retail and energy sectors, plans to earn approximately 30 percent of its total annual turnover from its businesses abroad, Yahya Üzdiyen, the chief executive of the holding, said at the meeting.

Growth forecast

“We move with a vision of becoming one of the most successful groups not only in Turkey but in the region,” Faralyalı said, adding that she expects the Turkish economy will grow 4 or 5 percent this year.
Doğan also plans to continue to pursue its investments in energy production, including those made in renewable energy, according to Faralyalı.

“We estimate that the Turkish advertisement market will grow seven fold and reach a size of $20 billion. As a leading group in the sector we will ideally benefit from this organic growth opportunity,” she said.

Üzdiyen said the holding aims to grow its printed, online and visual media businesses abroad as part of its 2012 targets, adding that its domestic media business will grow organically. The holding also owns 136 million barrels of proven oil reserves in northern Iraq along with a 20 percent partnership in an oil field in the region, according to Üzdiyen.

“A test production is currently underway in the first oil well, while production in a second oil well will start in July,” he said.

Doğan made a total of 585 million liras of investments in 2011 and will make a total of 398 million liras of investment for ongoing projects this year, he said, noting that the tax conflict had been settled. Tax expenses were set aside through a restructuring of “disputed tax debts” and “tax base increase.” Consolidated profit before taxes last year increased by 20 percent and reached 225 million liras.