Batelco Sees Rise in Profit This Year on Sale of India Stake

Bahrain Telecommunications Co. (BATELCO), the state-controlled company known as Batelco, said its profit this year will probably show a double-digit percentage increase helped by a one-time gain on the sale of its Indian unit STel.

Batelco forecast a “low single digit” decline in full year revenue. Increasing competition in Bahrain is putting pressure on margins, the company said today in a presentation.

The dividend payment will be consistent with previous years, it added. The company paid a cash dividend of $152.8 million last year, representing a 72 percent payout at the value of 40 fils per share.

Batelco announced Feb. 8 selling its 42.7 percent stake in STel Private Ltd., a mobile operator in India, for $174.5 million, after the nation’s top court canceled licenses in a corruption probe.

To contact the reporter on this story: Tamara Walid in Dubai via twalid@bloomberg.net

To contact the editor responsible for this story: Inal Ersan at iersan@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.