By Staff writer
Telecoms operator posts 14% fall in Q1 net profit, impacted by losses incurred by Yemen associate
Batelco, the Bahrain-based telecommunications group, announced on Thursday that net profit fell by 14 percent during the first quarter of 2017 compared to the year-earlier period.
The company reported a net profit of BD8.2 million ($21.8 million) which was 58 percent higher than the previous quarter as gross revenues reached BD89.7 million.
Net profit during Q1 was impacted by a BD1.5 million share of loss from its associate in Yemen.
Revenues continue to be impacted by competitive pressure in a number of markets across the group, Batelco said.
The telco said in a statement that its subscriber base rose by 2 percent to more than 9.2 million.
Batelco Group chairman, Sheikh Mohamed bin Khalifa Al Khalifa, said: “We continue to be responsive to changes in the various markets we operate in and strive to deliver relevant services and solutions that most suit our customers in each location. Strengthening our digital capabilities remains high on the agenda in a number of the Group’s operations; accordingly we are investing in fibre networks and the development of our digital solutions portfolio."