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FINANCIAL NEWS
Bahrain’s Batelco posts drop in net profit for Q4 by 40.2%
23 Feb 2017
(MENAFN) Bahrain-based Batelco had reported its net profit for Q4 of around USD99.7m during 2016, compared to USD131.3m reported in the previous year, marking 24% decline over the year.
During 2016, net profit had decreased by 40% over Q4 2015 and 47% over Q3 2016, and according to the statement, the reduced net profit was mainly impacted by an impairment loss on the group’s operations in Jordan.
Also, Batelco posted gross revenues of USD973.7m for 2016, marking a marginal decrease of 1% over the prior year.
Additionally, results from operating activities for the year were USD173.5m, reflecting a 7% decrease year-over-year and 8% decrease QoQ compared to Q4 2015.
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MENAFN2302201700450000ID1095263774
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