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FINANCIAL NEWS
Batelco posts $51m net profit in Q3
21 Oct 2010
(MENAFN) The Chairman of Batelco said that the company has posted a net profit of $51.1 million in the third quarter of 2010, up 17 percent from a year earlier, Gulf Daily News reported
He pointed out that while the company’s customer base had grown across all joint ventures, associated companies and investments in start-up operations, it had experienced decline in revenues in Bahrain.
He said the results include Batelco’s operations and its share of losses from S Tel, its start-up joint venture in India, and profits from other investments.
In contrast to other markets Batelco operates in, Bahrain was the only market in the third quarter where Batelco experienced an actual reduction of customers for mobile and broadband services, he said.
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