Batelco net income dives on acquisitions
The Bahrain All Share Index closed 0.95 per cent higher at 1,289.87 points on Wednesday, January 29. Bahrain Telecom (Batelco) jumped by 3.40 per cent to BD0.304. Earlier in the day, Batelco said its net profits of BD43.6 million ($115.6m) from BD60.3m (US$160m) for 2012 – a decrease of 28 per cent year over year and 40 per cent quarter on quarter. Batelco says: “Profits for the year were impacted by a number of one-off expenses, including those associated with the Islands Portfolio.” The subscriber base surged to 9.0 million – an increase of 18 per cent year on year. This included 18 per cent growth in mobile customers and 26 per cent growth of the broadband subscriber base, says Batelco.