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FINANCIAL NEWS
Bahrain’s Batelco posts USD160m profit in 2012
23 Jan 2013
(MENAFN) Bahrain’s Batelco said that its net profit in 2012 fell to USD160 million, compared with USD212.2 million in 2011, due to several one-off charges, reported Gulf Daily News.
The company, which faces fierce competition in its home market, said that gross revenues reached USD808.2 million, down from USD867.4 million a year earlier.
It added that 41 percent of revenues and 39 percent of earnings are now generated from markets outside Bahrain.
The telco’s net assets were USD1.37 billion as of December 31, whereas net debt was at USD48.8 million and cash and bank balances at USD252 million.
Batelco’s total subscriber base grew 18 percent on-year to over 7.8 million across 6 markets.
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