3G hit: Bharti Q3 net down 22%, stock tumbles 7% | business | Hindustan Times
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3G hit: Bharti Q3 net down 22%, stock tumbles 7%

India’s largest telecom service provider Bharti Airtel on Wednesday reported a 22% year-on-year drop in consolidated net profit at R1,011 crore for the quarter ended December, the eighth such decline, due to higher interest outgo and costs related to its 3G network roll-out.

business Updated: Feb 08, 2012 23:02 IST
HT Correspondent

India’s largest telecom service provider Bharti Airtel on Wednesday reported a 22% year-on-year drop in consolidated net profit at R1,011 crore for the quarter ended December, the eighth such decline, due to higher interest outgo and costs related to its 3G network roll-out.

Revenue, however, increased by 17.1% to R18,477 crore.

The rollout of its 3G network resulted in a higher amortisation cost of R164 crore for the quarter, while net interest cost rose by R116 crore during the period, the company said.

As on December 31, 2011, the company reported a net debt of $12.7 billion and a net debt equity ratio of 1.38.http://www.hindustantimes.com/Images/HTEditImages/Images/09-02-12-buss21c.jpg

“I am pleased that investments in branding and networks continue to be our focus in India, as we enhance customer experience for voice quality and cater to the ever-increasing demand for data,” said Sunil Mittal, chairman and managing director, Bharti Airtel. “These investments are resulting in healthy growth of mobile revenues.”

The company’s overall customer base stood at 243 million across 19 countries. Its monthly average revenue per user from Indian operations rose to 187 during the quarter from 183 in the September quarter.

The revenue from African operations rose by 16.1% year-on-year to $ 1.1 billion during the quarter, it said.

Shares of Bharti Airtel closed nearly 6.6% down at Rs 354 on the Bombay Stock Exchange.