Mubasher: Bahrain Telecommunications (Batelco) achieved a jump of 1,335% in net profits attributed to shareholders to BHD 50.1 million ($132.9 million) during fiscal year 2018 compared to BHD 3.5 million ($9.3 million) in 2017, according to a press release on Thursday.
During the fourth quarter of 2018, financials turned positive as a net profit valued at BHD 4.1 million ($10.9 million) attributable to equity holders was registered, against losses worth from BHD 21.7 million ($57.6 million) during the corresponding period of 2017.
Batelco posted a decline of 29% in operating profits to BHD 12.3 million ($32.6 million) in Q4-18 from BHD 17.2 million ($45.6 million) in Q4-17, the press release added.
Meanwhile, the Bahraini telecom company registered a growth of 25% in operating income to BHD 72.7 million ($192.8 million) in FY18 compared to BHD 58.4 million ($154.9 million) in the prior year.
“The reduction in Q4 2018 operating profit is mainly due to increased amortisation charges on intangible assets,” Batelco noted.
Revenues for Q4-18 increased by 2% to BHD 104.4 million ($276.9 million) from BHD 101.9 million ($270.3 million) in Q4-17.
“Revenues have been positively bolstered by strong performance at Batelco Bahrain, Umniah in Jordan and Dhiraagu, the Group’s operation in the Maldives,” the company said.