The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksCWC.L Share News (CWC)

  • There is currently no data for CWC

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

UPDATE 1-Bahrain's Batelco Q3 net profit falls 16 pct

Tue, 10th Nov 2015 11:39

* Q3 profit 13.4 mln dinars vs 16 mln dinars a yr ago

* Q3 revenue 93.9 mln dinars vs 97.3 mln dinars a yr ago (Adds details)

By Matt Smith

DUBAI, Nov 10 (Reuters) - Bahrain Telecommunications Co (Batelco) reported a 16 percent fall in third-quarterprofit on Tuesday on declining revenue and losses from someoverseas operations.

The former monopoly, which operates in 14 countries, made anet profit of 13.4 million dinars ($35.53 million) in the threemonths to June 30, versus 16 million dinars a year earlier, itsaid in a statement.

SICO Bahrain had forecast Batelco would make a quarterlyprofit of 13.6 million dinars.

Batelco made a net profit of 40.9 million dinars in thefirst nine months of 2015, the statement said, which was thesame amount as a year earlier.

Third-quarter revenue fell to 93.9 million dinars from 97.3million dinars, mirroring a 4 percent drop in nine-month revenueto 279.6 million dinars which the company said was due to"competitive pressures in key markets".

In Bahrain, Batelco vies with units of Kuwait's Zain and Saudi Telecom Co as well as about 10Internet providers and this competition prompted thestate-backed operator to expand abroad further.

Batelco's purchase of most of the islands division of Cable& Wireless in April 2013 has helped steady its earnings,with its overseas operations accounting for 58 percent ofrevenue in the first nine months of 2015.

The operator's Bahrain mobile subscriber base rose 10percent year-on-year, helping its nine-month domestic profitincrease 11 percent to 30.96 million dinars.

Profits from Jordan, Maldives and Guernsey, Jersey and Isleof Man also increased, but its "other countries" segment - whichincludes Yemen, Kuwait and Egypt - swung to a nine-month loss of5.89 million dinars versus a profit of 1.08 million dinars ayear earlier.

($1 = 0.3771 Bahraini dinars) (Reporting by Matt Smith, editing by David Evans)

More News
14 May 2015 05:23

Earnings, Trading Statements Calendar - Week Ahead

Read more
13 May 2015 15:23

Earnings, Trading Statements Calendar - Week Ahead

Read more
7 May 2015 16:39

Thursday broker round-up

Morrison: Shore Capital reiterates buy. Direct Line Insurance Group: Canaccord Genuity reiterates buy and 350p target. BAE Systems: Charles Stanley reiterates accumulate. GlaxoSmithKline: UBS reiterates buy and 1,700p target. Aviva: Panmure Gordon reiterates buy and raises target to 660p from 600

Read more
29 Apr 2015 12:05

UPDATE 1-Bahrain's Batelco hit by competition and currency effects

* Q1 profit 14.2 mln dinars, down 2 pct from a yr ago * Q1 revenue 93.7 mln dinars, down 4 pct from a yr ago (Adds detail, acting CEO quotes) By Matt Smith DUBAI, April 29 (Reuters) - Bahrain Telecommunications Co (Batelco) posted a 2 percent fall in first-quarter profit afte

Read more
15 Apr 2015 08:42

BROKER RATINGS SUMMARY: JPMorgan Ups Next To Overweight From Neutral

Read more
13 Apr 2015 09:32

LONDON MARKET COMMENT: Stocks Lower; Aviva Leads FTSE 100 Gainers

Read more
13 Apr 2015 06:35

LONDON MARKET COMMENT: Stocks Seen Down As China Imports, Exports Drop

Read more
13 Apr 2015 06:12

EasyJet Poaches Findlay From Halfords To Be New Finance Chief

Read more
27 Mar 2015 16:06

UPDATE: Cable & Wireless Gets Regulatory Approvals For Columbus Deal

Read more
27 Mar 2015 08:25

LONDON MORNING BRIEFING: Shares Firm Ahead Of Central Banker Speeches

Read more
27 Mar 2015 07:43

Cable & Wireless Gets Trinidad Approval For Columbus Deal

Read more
13 Mar 2015 07:39

Cable & Wireless Extends Longstop Date On Columbus Deal Again

Read more
2 Mar 2015 14:35

Cable & Wireless extends longstop date for Columbus acquisition

Cable & Wireless Communications (CWC) said on Monday it has agreed to extend the longstop date of the acquisition of Columbus International. The longstop date will be extended from 28 February to 15 March. The $1.85bn acquisition of the privately-owned telecommunications and technology company oper

Read more
2 Mar 2015 07:55

Cable & Wireless Extends Longstop Date On Columbus Acquisition

Read more
10 Feb 2015 14:54

Cable & Wireless sales increase thanks to mobile turnover

Cable & Wireless Communications saw its shares rise on Tuesday after it reported an increase in revenues during the third quarter. The telecom services provider said its like-for-like revenues were up 2% to $444m, helped by a 4% increase in mobile revenues. But it warned that an expected new mobile

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.