The Bahrain Telecommunications Company (Batelco)'s net profits rose to 19.4 million Bahraini dinars ($51 million) in the first quarter of 2004, against BD 15.5 million during the same period of last year.
The increase in net profits is attributed to a year-on-year rise in gross revenues of five percent, and a reduction in costs largely due to non-recurring exceptional items related to restructuring, which were successfully implemented by Batelco last year, stated a press release.
For 2003, Batelco posted net profits of $161 million, a 22 percent return on employed capital. Gross revenue for the period increased from BD 185.7 million in 2002 to BD 192.1 million in 2003. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
