Batelco net profit hits USD108.5m in 9M
30 Oct 2014
(MENAFN) Bahrain’s Batelco Group reported a net profit of USD108.5 million for the January-September period of this year, which is an increase by 11 percent increase compared to USD96.73 million posted in the same period last year, Gulf Daily News reported.
The international telecommunications group, which has operations across 14 countries, said the its July-September period net profit also increased by 40 percent compared with the same period last year, going from USD30.31 million in 2013 to USD42.17 million in the same period this year, as well as registering an increase by 53 percent compared to the second quarter of this year.
The company said that this increase in profits happened as a result of the strong contributions from the group’s international operations and the success of cost reductions programs across the group, particularly in Bahrain.
The group’s gross revenue for the first nine months of the year stood at USD769.43 million, which is an increase by 8 percent compared with USD714.86 million registered during the same period in 2013, while third quarter gross revenues decreased by 3 percent compared with the same period in 2013.
During the first nine months of this year, operating profit increased by 33 percent from USD122.57 million to reach USD323.09 million, while quarterly operating profits increased 45 percent compared to the same quarter last year and 31 percent compared to the second quarter of this year.
“We are very pleased with our progress over the first nine months of the year, which have been marked by consistently strong cash generation and growing customer numbers across the group,” Batelco chairman said.