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 email@example.com
To contact the editor responsible for this story: Inal Ersan at firstname.lastname@example.org