Bharti Airtel reports 32 percent drop in net profit
August 11th, 2010 - 3:12 pm ICT by IANSNew Delhi, Aug 11 (IANS) Indian telecom major Bharti Airtel, which recently acquired the African assets of Kuwait’s Zain, Wednesday reported a 32 percent fall in its net profit for the quarter ended June 30, over the like period of last year.
Announcing its consolidated results, the company said it posted a net profit of Rs.1,682 crore for the April-June quarter, compared to Rs.2,475 crore for the like period of last year.
The total revenues of the company, however, increased 17 percent to Rs.12,231 crore for the quarter ended June 30, compared to Rs.10,414 crore. The result includes 23 days of operations of its African assets.
In June, Bharti became the fifth-largest mobile operator of the world by subscribers after acquiring the African operations from Kuwaiti telecoms group Zain for $9 billion.
“The first quarter witnessed the successful completion of the acquisition of Zain’s mobile operations in 15 African countries,” group chairman Sunil Mittal said in a statement.
“Our business in India and South Asia got off to a solid start with robust revenue growth and healthy margins. This reaffirms our conviction that leaders emerge stronger in a hyper competitive market.”
Ahead of the results, the company’s scrip opened at Rs.322, against the previous close at Rs.324.30. The fluctuations thereafter saw the scrip register a high of Rs.335.60 and a low of 315.45.
Some four-and-a-half hours into trading, the scrip was ruling at Rs.325 with a marginal gain of 0.22 percent.
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- Bharti Airtel quarterly net income decreases 31.46 percent - May 05, 2011
- Airtel revenue rises in Africa - May 02, 2012
- Airtel ranked best operator by Nigerian telecom regulator - May 11, 2012
- Bharti ties up $8.3 bn deal with Kuwait's Zain Telecom - Mar 21, 2010
- Bharti Airtel Q2 net profit declines 38 percent - Nov 04, 2011
- Zain confirms nod to Bharti's offer for African telecom assets - Mar 25, 2010
- HDFC Bank Q4 profit up 30 percent - Apr 18, 2012
- Kuwait's Zain approves Bharti's bid to connect with Africa (Lead) - Mar 25, 2010
- Bharti Airtel's quarterly net profit drops - Aug 03, 2011
- Bharti sees modest rise in net profit (Lead) - Jan 22, 2010
- Bharti Airtel's quarterly net profit declines 22.4 percent (Lead) - Feb 08, 2012
- Bharti Airtel signs network expansion deal with Huawei - Jun 01, 2011
- Infosys beats guidance but stock dips on muted earnings - Jul 12, 2011
- Bharti Airtel net slumps 41 percent on spectrum cost, margins (Lead) - Feb 02, 2011
Tags: african countries, bharti airtel, competitive market, consolidated results, crore, fluctuations, group chairman, half hours, india and south asia, indian telecom, marginal gain, mobile operations, mobile operator, net profit, quarter ended june, rs 1, rs 2, scrip, sunil mittal, telecoms group