Bahrain Telecommunications Company (Batelco) made a net profit of BD8.4 million ($22.28 million) in final three months of 2014, up from KD6.9 million ($18.1 million) in the year-earlier period, marking a 22 per cent rise.

Bahrain Telecommunications Company (Batelco) made a net profit of BD8.4 million ($22.28 million) in final three months of 2014, up from KD6.9 million ($18.1 million) in the year-earlier period, marking a 22 per cent rise, according to Reuters calculations.

Reuters calculated based on a company financial statement published on Monday.
The former monopoly has now posted rising profits in four of the past six quarters following its largest ever acquisition. Before that, its profits fell in 16 of 17 quarters to the three months ending June 30, 2013.

Sico Bahrain, an investment bank, forecast Batelco would make a quarterly profit of BD15.3 million ($40.2 million.

In Bahrain, Batelco competes with units of Kuwait's Zain and Saudi Telecom as well as about 10 Internet providers.

Batelco, seeking to offset declining domestic profit and revenue, in April 2013 completed the $570 million purchase of Cable & Wireless Communications' Monaco and Islands Division, although some of this deal subsequently fell foul of regulators.

Batelco made an annual profit of BD49.3 million ($129.8 million) in 2014, it said in the statement. This is up from BD43.6 million ($114.8 million) in 2013.

The company also owns Jordanian telecoms operator Umniah, plus minority stakes in Yemeni mobile operator Sabafon and companies in Kuwait and Saudi Arabia. – Reuters