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
0.01 3.33 (%)
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
Virtual and augmented reality arrive in the UAE

Virtual and augmented reality arrive in the UAE

John Lillywhite, founder of Dubai- and Amman-based Project Pen...

The Arab women making themselves heard online

The Arab women making themselves heard online

A new generation of Arab women are taking to YouTube to have...

Why Periscope will save Twitter from catastrophe

Why Periscope will save Twitter from catastrophe

The world is at a tipping point, when livestreaming video officially...

Most Discussed
sponsoredTracking