Bharti Profit Falls 32% as Price Cuts Erode Margins
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Bharti Airtel Ltd., India’s largest mobile-phone operator, reported profit slumped 32 percent after the nation’s phone companies cut prices to compete in the world’s second-largest wireless market.
Net income shrank to 16.8 billion rupees ($360 million) in the first quarter ended June 30, from 24.7 billion rupees a year earlier, New Delhi-based Bharti said today. The carrier reported earnings based on International Financial Reporting Standards.