Collapse after the Wealth Fund: PTT's loss record worsens

The total loss of PTT, whose financial balance deteriorated rapidly after being transferred to the Turkey Wealth Fund, reached remarkable levels by the end of 2024. Following the transfer of a portion of PTT's shares to the Wealth Fund in 2018, it was noted that the institution has recorded losses continuously since 2019, despite reporting a profit of 216 million TL that year.

TOTAL LOSS REACHED 3.6 BILLION TL

According to information reported by Mustafa Bildircin from BirGün, the financial picture that PTT, one of the critical public institutions, has fallen into has become clear with the Public Enterprises Report published by the Ministry of Treasury and Finance. According to the report, PTT announced a total loss of 3 billion 613 million TL at the end of 2024. The institution's 2024 loss showed an increase of 51 percent compared to 2023.

FROM PROFIT TO A LOSS TABLE EVERY YEAR

The change in profit and loss of PTT, which made a profit of 216 million TL before being transferred to the Wealth Fund, by year also revealed a striking picture. The annual losses of the institution, which lost 1 billion 218 million TL in 2019, one year after the transfer, between 2020 and 2024 are as follows:

2020: 741 million TL

2021: 387 million TL

2022: 259 million TL

2023: 2 billion 388 million TL

2024: 3 billion 613 million TL

A FORMER IMM BUREAUCRAT IS AT THE HEAD OF THE INSTITUTION

The position of Chairman of the Board of Directors of PTT is held by a former Istanbul Metropolitan Municipality (IMM) bureaucrat. Mükremin Kara, who was a member of the Board of Directors at IMM Kültür A.Ş. during the 2011-2019 period when the IMM was under AKP administration, was appointed to the board of one of PTT's subsidiaries in 2020. Kara has been in the seat of Chairman of the PTT Board of Directors since April 2021.

News Source: 12punto