(Updates with Chairman’s comment in third paragraph.)
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.
--Editors: Tim Farrand, Lukanyo Mnyanda
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