Batelco Profits Down on One-Off Costs
Published on: 27th Jul 2014
Bahrain's Batelco has reported a 22.4 percent drop in its second quarter profits as the company was hurt by one off costs as well as increased competition in its core markets.
The company did not elaborate on what the one-off costs were.
The company is estimated to have made a net profit of USD27.6 million for the second quarter, based on calculations from its first-half financial statement.
Revenues however rose by 14 percent to BHD194.6 million (USD515.9 million), and the company earned 57% of its revenues from outside its home market, a rise on the 51% a year ago.
The company operates in a number of middle-east and African countries and ended the period with 9 million customers. This reflects gains made over the past year in the key markets of Bahrain and Jordan as well as across the majority of the Group's subsidiaries and affiliates.