Bahrain's Batelco suffers slump in H1 net profit

Bahrain Telecommunications Co (Batelco) posted a 22 percent fall in net profit in the first half of the year weighed down by one-off expenses related to acquisitions and related financing, it said in a statement on Tuesday.

The former monopoly, which has reported declining profits in past several quarters, said first-half net profit fell to $71.6m compared with $91.8m for the same period last year.

"Profits for the period were impacted by a number of one off expenses associated with the acquisition and related financing," Batelco said in the statement.

The operator, seeking to offset declining domestic profit and revenue, in April completed the $570 million purchase of Cable & Wireless Communications' Monaco and Islands Division.

Batelco competes with units of Kuwait's Zain and Saudi Telecom Co in Bahrain, while it also owns Jordanian telecoms operator Umniah, 27 percent of Yemeni mobile operator Sabafon, minority stakes in internet providers in Kuwait and Saudi Arabia and is also active in Egypt.

The telco said its board approved an interim dividend of 10 fils per share.

Related:

Market Performance

Bahrain Telecommunications Company
0.31
0.0 0.0 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
How technology is revving up the future of driving

How technology is revving up the future of driving

Technology firms have been investing in autonomous driving for...

A printed future: the 3D revolution

A printed future: the 3D revolution

Imagine printing a new house, jewellery, even a healthy heart...

Understanding blockchain and its growing importance in the UAE

Understanding blockchain and its growing importance in the UAE

Project Pen’s John Lillywhite talks to Moe Levin, founder of...

2
Most Discussed
sponsoredTracking