Batelco records $39 million net profits in 1Q 2002
The Bahrain Telecommunications Company (Batelco) recorded a 16 percent increase in net profits for the first quarter of 2002, from 12.8 million Bahraini dinars ($33.95 million) to BD14.9 million ($39.5 million), confirmed a company statement. Batelco also reported a 20.5 percent increase in gross revenues, growing from BD38.4 million ($101.8 million) to BD46.1 million ($122 million) during the same period.
According to Batelco chairman, Sheikh Ali Bin Khalifa Al-Khalifa, the company’s performance in the last three-month period is linked to last year’s significant growth in mobile phone users and the simultaneous 40 percent reduction of mobile tariffs and 26 percent slash on call rates.
More than 330,000 people in Bahrain now use Batelco mobile services--a 50 percent market penetration. In 2000, Batelco recorded a total turnover of over 150 million Bahraini dinars ($398 million) and a net profit of over BD 50 million. Market capitalization is of the order of BD 700 million. The company has an average business growth of 15 percent per annum.
The Bahraini government has a 39 percent stake in the monopoly company, with Britain's Cable and Wireless holding 20 percent and the remaining 41 percent publicly traded. — (menareport.com)
© 2002 Mena Report (www.menareport.com)