Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Bahrain Telecom Nine-Month Net Drops 14% to $150 Million

Oct. 26 (Bloomberg) -- Bahrain Telecommunications Co., the state-controlled company, reported a 14 percent drop in nine-month profit as competition in its domestic market increased.

Profit for the period fell to 56.5 million dinars ($149.9 million) from 66 million dinars a year earlier, the company said in an e-mailed statement today. Gross revenue for the period declined 4 percent to 245.5 million dinars. Third-quarter profit dropped 8.2 percent to 17.7 million dinars, according to Bloomberg calculations.

“Since the end of the second quarter, we have added more than 800,000 new subscribers to our customer base, which now exceeds 11 million,” Batelco Chairman Sheikh Hamad Bin Abdulla Al Khalifa said in the statement. This year has seen the affect of “significant and ongoing competitive pressures in Bahrain.”

Batelco and Saudi Arabia’s Kingdom Holding Co. said on Sept. 29 that they won’t proceed with a $950 million bid for Zain Group’s 25 percent stake in Zain Saudi Arabia, the country’s third-largest mobile-phone company by market value.

To contact the reporter on this story: Stefania Bianchi in Dubai at sbianchi10@bloomberg.net

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

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.