Turk Telekom (TTKOM.IS) Tuesday reported a 52% drop in third-quarter net profit on an annual basis on higher financial costs due to the weak Turkish lira.

Net profit in the three months to Sept. 30 was 359.5 million Turkish lira ($193.9 million), slightly below analysts' expectations of TRY382.4 million and down from a TRY744 million net profit in the same period last year.

The company's financial costs rose to TRY556.5 million in the third quarter from TRY65.8 million a year earlier, as the lira has weakened nearly 20% against the dollar this year, while sales increased to TRY3.065 billion from TRY2.7 billion.

Turk Telekom, controlled by Dubai-based Oger Telecom, listed on the Istanbul Stock Exchange in May 2008.

-By Yeliz Candemir, Dow Jones Newswires, +90 535 432 05 91; yeliz.candemir@dowjones.com

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