Batelco 2Q profit rises 13.6% to USD73m

18 Jul 2007

Bahrain Telecommunications Company (Batelco) has posted a second-quarter net profit of BHD27.52 million (USD73 million), up 13.6% year-on-year. Bahrain’s Sico investment bank forecast in a Reuters survey last month that Batelco’s net income would be BHD25.2 million in the quarter. Revenue grew 30% year-on-year to BHD69.86 million in the three months under review. A Batelco-led consortium was one of three bidders granted initial approval in April to operate a fixed line network in Saudi Arabia. In March the firm bought a 20% stake in Yemeni mobile operator SabaFon, whilst Batelco is also among firms competing for the second mobile licence in Qatar. Bahrain’s telecoms watchdog the Telecommunications Regulatory Authority (TRA) approved the incumbent’s plan to slash broadband rates for some business tariffs by up to 50% this month. The regulator has exerted increasing pressure on the telco in recent months to cut prices, especially wholesale rates.

Bahrain, Bahrain Telecommunications Company (Batelco)