Bahrain Telecommunications Co (Batelco) saw its profits slump continue as it reported a 13 percent second-quarter fall as fierce competition in a stagnating home market weighed on the bottom line.
The former monopoly, which had reported declining profits in seven of the previous eight quarters, made a net profit of 18.5 million Bahraini dinars ($49 million) in the three months to June 30, down from 21.3 million dinars in the corresponding period last year, Reuters calculations show.
“In our home market, Bahrain, we continue to face significant competition from other operators coupled with a lack of any significant growth,” Sheikh Hamad bin Abdulla al-Khalifa, the Batelco chairman, said in an emailed company statement.
“As a priority, we are implementing various initiatives to improve efficiencies (and) lower our operating cost structure.
Reuters
