BOTAŞ and PTT are losing money every day: The Wealth Fund detail

Before their transfer to the Wealth Fund in 2017, the period losses of BOTAŞ and PTT increased exponentially in 2018, 2019, 2020, 2021, and 2022. 

The financial structure of BOTAŞ, which finished 2016 with a profit of 7.9 billion TL, deteriorated gradually following its transfer to the Wealth Fund. BOTAŞ, whose profitability decreased by 62.7 percent by the end of 2017 compared to 2016, falling to 3.33 billion TL, has reported losses almost every year since 2018. 

According to the report by Mustafa Bildircin; the losses reported by BOTAŞ in 2018 and 2019 were 2.5 billion TL and 5.6 billion TL, respectively. BOTAŞ, which reduced its loss in 2020 to 26.8 million TL, saw its 2021 period loss calculated at 17 billion 911 million TL. BOTAŞ was among the 23 public enterprises that reported losses in 2022, announcing a total loss of 1 million 815 thousand TL.

BEFORE AND AFTER....

PTT, a portion of whose shares were transferred to the Wealth Fund in 2018, was also among the public institutions whose financial structure deteriorated. PTT, which made a profit of 216 million TL in 2018, recorded a loss of 387 million TL in 2021 and a loss of 259 million 189 thousand TL in 2022. A comparison of the financial statements of critical public enterprises PTT and BOTAŞ before and after their transfer to the Wealth Fund revealed a striking picture.

The data, which justifies the claims that the Wealth Fund poses a threat to public enterprises, are listed as follows:

• BOTAŞ, which reported a profit of 7.9 billion TL before the transfer to the Wealth Fund, reported a loss of 1.8 billion TL in 2022,

• PTT, which reported a profit of 216 million TL before the transfer to the Wealth Fund, shifted to a loss of 259.1 million TL in 2022.

News Source: 12punto