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FINANCIAL NEWS
Bahrain’s Batelco posts 17% drop in Q1 profit
14 May 2013
(MENAFN) Bahrain Telecommunications Co (Batelco) announced that its net income declined by 17 percent in the first quarter reaching USD35.5 million, reported Arabian Business.
The company, which owns Jordan’s telecoms operator Umniah and a 27-percent of Yemeni mobile operator Sabafon, attributed the drop to fierce competition in the Kingdom and in other markets where it operates.
In the period, revenue fell to USD186.07 million, from USD204.42 million in 2012’s same period.
Of the total quarterly revenue, Bahrain made up 58 percent.
It is worth noting that Batelco’s domestic subscriber base went down by 2 percent from a year before.
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