Mubasher: Bahrain Telecommunications (Batelco) incurred a net loss of BHD 21.7 million in the fourth quarter of 2017 against a net profit worth BHD 5.2 million in the same quarter a year ago, according to a recent statement.

During fiscal year 2017, Batelco registered a drop of 91% in net consolidated profits to BHD 3.5 million from BHD 37.6 million in FY16.

The decrease in net profits for FY17 is attributed to impairment losses related to Batelco’s investments in Yemen and Jordan that were acquired in 2007 and 2006 respectively.

Batelco’s board members recommended a cash dividend of 25% of capital or 25 fils per share at a total value of BHD 41.6 million ($110.3 million). The dividends are subject to the ordinary general meeting’s (OGM) approval.

Gross revenues grew by 3% to BHD 379.4 million in FY17 compared to BHD 367.1 million in FY16.