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FINANCIAL NEWS
Bahrain’s Batelco reports USD114m profit in Jan-Sep
24 Oct 2012
(MENAFN) Bahrain Telecommunications Co (Batelco) reported a 25 percent decline in profits for the first nine months of 2012, due to stiff competition and a number of one-of adjustments, Arabian Business reported.
The company said in a statement it earned USD114 million net during the January-September period, down from USD150.32 million a year earlier.
Revenues at home also fell by 12 percent in the period to USD601.3 million in the 9-month period compared to a year ago, due to increased competition and lower tariffs, the company added.
The statement said 40 percent of total revenues came from overseas operations.
Batelco has launched a restructuring drive as it seeks to save USD52.7 million annually from 2014 onwards, particularly in the saturated Bahrain mobile market.
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