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Reuters
Bahrain Telecommunications Co (Batelco) posted a 33 percent fall in first-quarter profit as its subscriber base and revenue both declined. Batelco made a net profit of 9.6 million Bahraini dinars ($25.46 million) in the three months to March 31, it said in a statement. This compares with a profit of 14.2 million dinars a year earlier.
SICO Bahrain had forecast Batelco would make a quarterly profit of 8.4 million dinars. In Bahrain, Batelco competes with units of Kuwait’s Zain and Saudi Telecom Co as well as about 10 Internet providers.
Batelco’s first-quarter revenue was 90.9 million dinars, versus 93.7 million dinars a year ago. Competition at home prompted the state-backed operator to expand abroad. It bought most of the islands division of Cable & Wireless in 2013 and 60 percent of its first-quarter revenue was generated outside Bahrain.
Bahrain’s Ahli United Bank Q1
net profit rises 5 pct
Ahli United Bank (AUB), Bahrain’s largest lender, posted a 5 percent increase in first-quarter net attributable profit. The bank’s net attributable profit for the three months to March 31 was $154.6 million. This compares with $147.2 million in the corresponding period of 2015, it said in a bourse statement.
SICO Bahrain had forecast the bank would make a first-quarter profit of $151.9 million. Quarterly net interest income was to $201.3 million, up
5.5 percent on the same period of
last year.
Kuwait’s Burgan Bank Q1 net profit falls 18.5 pct on FX income
Burgan Bank reported a 18.5 percent fall in first-quarter net profit on Saturday, according to Reuters calculations, as Kuwait’s third-largest lender by assets secured less income from foreign exchange. A unit of Kuwait Projects Co (KIPCO), Burgan made a net profit of 14.3 million Kuwaiti dinars ($47.66 million) in the three months to the end of March, it said in a statement.
Burgan did not provide a comparable figure for the corresponding period of last year. However, the bank previously reported it made 17.54 million dinars.