31 Jul 2013
(MENAFN) Bahrain Telecommunications Co. (Batelco) has reported a 22 percent decline in half-yearly earnings, due to one-off expenses related to acquisitions and related financing, Reuters reported.
The company said it made USD71.6 million net profit during the first half, down from USD91.8 million for the same period last year.
In April, Batelco completed a USD570 million purchase of Cable & Wireless Communications’ Monaco and Islands Division.
Batelco competes with units of Kuwait’s Zain and Saudi Telecom Co. in Bahrain, while it also owns Jordanian telecoms operator Umniah, 27 percent of Yemeni mobile operator Sabafon, minority stakes in Internet providers in Kuwait and Saudi Arabia and is also active in Egypt.
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