- MANAMA: Bahrain Telecommunications Co (Batelco) said its first-quarter net profit fell 28 percent as domestic subscriber numbers slipped and losses from an Indian unit also ate into bottom line.
Batelco reported a first-quarter profit of 17.46 million dinars ($46.32 million), down from 24.3 million dinars in the year-earlier period.
Gross revenues also fell quarter-on-quarter, dropping four percent to 80.81 million dinars, while operating profit declined over the same period as expenses and staff costs rose, Batelco said in a statement.
“An increase in revenue by (Jordan unit) Umniah and (Kuwait technology affiliate) QualityNet were offset by competition, regulation and the recent events in the Bahrain market,” said Chief Executive Peter Kaliaropoulos.
Batelco maintained a 45.6 percent share of the local mobile market, although subscribers dropped to 745,000, down 3 percent from the fourth-quarter.
Batelco’s foreign operations accounted for 37 percent of first-quarter revenue, while total group customers rose to 9.8 million.
“We are confident that we will cross the 10 million subscriber figure by the end of April 2011,” added Kaliaropoulos in the statement.
Batelco is undertaking due diligence to buy a quarter-stake in operator Zain Saudi.
Joint bidders Batelco and Kingdom Holding have provisionally agreed a $950 million deal with Kuwait’s Zain, Zain Saudi’s parent firm.