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Tue 5 Nov 2019 05:52 PM

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Bahrain's Batelco posts 41% slump in Q3 net profit

Revenues in its home market increased by 6%, boosted by revenues from fixed broadband, data communications and mobile

Bahrain's Batelco posts 41% slump in Q3 net profit

Batelco said its balance sheet remained strong with total assets of BD964.5 million as of September 30, an increase of 6 percent.

Bahrain-based telco Batelco on Tuesday announced a 41 percent decrease in third quarter net profit compared to the year-earlier period.

Net profit of BD10.2 million ($27.1 million) was recorded in Q3 while net profit for the first nine months of the year totalled BD44.2 million, down 4 percent, the company said.

Revenues for the third quarter decreased by 5 percent to BD96.9 million while nine month revenue reached BD298.5 million, a fall of 1 percent.

The telecoms operator said consolidated revenues have been impacted by the sale of Qualitynet in May 2019, whereby the company contributed an additional BD11 million in revenues during the same period last year.

Revenues in its home market increased by 6 percent year-over-year boosted by revenues from fixed broadband, data communications and mobile, it added.

Batelco said its balance sheet remained strong with total assets of BD964.5 million as of September 30, an increase of 6 percent.

Batelco chairman, Sheikh Abdulla bin Khalifa Al Khalifa, said: “It is crucial that we remain focused on meeting the needs of our diverse customer base, by delivering top quality and competitively priced products and solutions that prioritise their evolving requirements.

"We believe we have the right management and staff teams in place along with clear strategies, positioning us well for the last quarter of the year, and preparing the operational platform for 2020.”

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