Bharti's profit falls by 30%

7 Nov 2012

MUMBAI, INDIA: Bharti Airtel, India's biggest mobile phone company, reported on Wednesday a 30% drop in quarterly profit, its 11th straight such fall amid rising costs and intense competition.

Net profit slid to 7.21bn rupees (US$133m) in the second quarter September, from 10.3bn rupees in the same period a year ago.

Revenue rose 17.4% year-on-year to 202bn rupees, as mobile data usage in India and telephone call traffic in Africa rose.

The profit was below market expectations of 7.35bn rupees.

"I am pleased to see that our revenue growth has sustained through diversified segments and geographies with healthy demand in data services," Bharti chairman Sunil Bharti Mittal said.

Bharti operates in 20 countries across Asia and Africa and is the world's fourth-biggest mobile phone carrier, with 262.6m customers.

The earnings came amid turmoil in India's telecommunications market after the Supreme Court this year cancelled 122 second-generation (2G) mobile licences issued in 2008 on the grounds that the distribution process was underpriced and corrupt.

The government is re-auctioning the 22 licences next week.

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Source: I-Net Bridge

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