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FINANCIAL NEWS
Bahrain’s Batelco Q2 net profit down 11.2% to USD54.66m
22 Jul 2011
(MENAFN) Bahrain Telecommunications’ Co. (Batelco) Chief Executive, Peter Kaliaropoulos, said that since customer costs in Bahrain went up, in the second quarter, net profit fell 11.2 percent to USD54.66 million from USD61.3 million in 2010’s same quarter, reported Arab News.
Kaliaropoulos added that in the year’s first six months, net profit reached USD102.6 million, whereas gross revenue dropped 4 percent from 2010 reaching USD431.7 million.
He also said that amid fierce competition in the Gulf region, the company expanded its business abroad, its foreign operations represented 37 percent of 2011’s first half revenues. Moreover, as part of a USD950 million acquisition of a quarter stake in Zain Saudi, both Batelco and Kingdom Holding signed a non-binding term sheet with the Saudi operator.
It is worth noting that Batelco is one of the small telecoms companies in the Gulf region, its home market reaches around 1.2 million people. The company faces competition from key opponents like Kuwait’s Zain and Saudi Telecom Co. (STC).
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