Telecoms operator makes $13.5m net profit in the three months to December 31
Bahrain Telecommunications Co (Batelco) posted a 40.2 percent fall in fourth-quarter profit on Wednesday.
The telecoms operator made a net profit of 5.1 million Bahraini dinars ($13.5 million) in the three months to Dec. 31, according to Reuters calculations, compared with a profit of 8.6 million dinars a year earlier.
It added in a statement that a net profit of 37.6 million dinars was made in 2016, down from 49.5 million dinars a year earlier.
Batelco Group’s chairman Sheikh Mohammed bin Khalifa Al Khalifa said: “Market conditions in Bahrain and across a number of the Group operations are challenging due to the world’s economic climate in general and also due to the vibrant nature of the communications industry which is experiencing a powerful shift as all players strive to gain a strong foothold in the world of digitisation.
“However, in spite of decreased profits, we are encouraged to note that subscriber numbers are up by 4 percent over Q3 2016 and year-on-year. The upswing in customer numbers is attributed to our investments in new networks including fibre and our efforts to strengthen our digital solutions portfolio... we are optimistic that our subscriber base will continue to grow and ultimately boost the bottom line as a result of our plans going forward.”For all the latest tech news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.