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Batelco net income hit by competition, charges
- Bahrain: Wednesday, January 23 - 2013 at 05:28
Bahrain's Batelco has reported its 10th profit decline in 11 quarters, as domestic competition and one-off charges from a cost-cutting programme hurt the bottom line, Reuters has reported. The firm made a net profit of BD17.75m ($47.1m) in the three months to December 31, down from BD23.5m in the year-earlier period. Batelco's fourth-quarter revenue was KD77.16m, compared with BD81.5m a year ago, Batelco said. "Beyond aggressive competition in the Bahrain market and elsewhere in the region, our results for 2012 were also impacted by a number of one off charges including expenses associated with an extensive restructuring and cost rationalisation programme at our Bahrain operations," said chairman Sheikh Hamad al-Khalifa.
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