SingTel – BT
Bharti Q2 profit falls 26.6%
Bharti Airtel’s profit slid in the latest quarter as India’s largest mobile phone company lost market share and cut call rates amid hyper-competition in its fast-growing home market.
Net profit for the July- September quarter was 16.6 billion rupees (S$482.2 million), down 26.6 per cent from a year earlier, the company said yesterday.
Revenue grew 47 per cent from the year before to 152.2 billion rupees, including 38.9 billion rupees from its first full quarter of operations in Africa. India and South Asia revenue grew 9.2 per cent.
Bharti’s market share in India slid to 20.8 per cent from 23.4 per cent a year earlier, and rates per minute dropped 21 per cent to 0.44 rupees.
A poll of analysts by Thomson Reuters had forecast net profit of 16.7 billion rupees and revenue of 151.6 billion rupees.
Bharti said it plans to start rolling out high-speed 3G services in India this quarter. — AP