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FINANCIAL NEWS
Bahrain’s Batelco Q3 net profit down 8% to USD47.23m
27 Oct 2011
(MENAFN) Bahrain Telecommunications (Batelco) said that due to the fierce competition in the company’s local market, net profit in the third quarter dropped 8 percent to USD47.23 million compared with USD51 million in 2010’s same period, reported Reuters.
The company added that in the quarter, revenues fell to USD217.5 million from USD225 million in last year’s third quarter.
The company also said that Batelco’s interests in Egypt, Jordan, Kuwait, India, Yemen and Saudi Arabia contributed with 37 percent of the company’s revenue in the January-September period.
It is worth noting that Batelco wants to expand its business, since acquisitions of mobile and broadband operators in Middle East and North Africa (MENA) region and India will allow the company to grow and increase its revenues.
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