Bharti net dips as Africa drags | india | Hindustan Times
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Bharti net dips as Africa drags

india Updated: May 05, 2011 21:50 IST
HT Correspondent
HT Correspondent
Hindustan Times
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India’s largest telecom service provider Bharti Airtel on Thursday announced consolidated net profit of R1,400.7 crore for the quarter ended March 31, 2011, down 31.5% vis-a-vis the same period last year. This is due to higher cash outflow for its African operations, according to the company officials.

The company had registered a net profit of R2,044.4 crore in the January-March quarter of the previous fiscal. The board has recommended a dividend of R1 per equity share of R5 each for the financial year 2010-11.

Total revenue of the company, however, was up by 51.3% at R16,265.4 crore year-on-year for the March quarter, compared to R10,749 crore in the corresponding period last year.

“The net income at R 6,047 crore declined by 32.6% from R8,977 crore in the previous year due to increase in net interest outgo (R1,480 crore), forex restatement losses (R683 crore), re-branding expenses (R340 crore) and increase in spectrum charges in India (R265 crore),” said the company in a statement on Thursday.

The company’s net profit was down 32.6% at R6,046.7 crore, compared to R8,976.8 crore in the year ending March 31, 2010. “Bharti Airtel exhibited strong performance this year. The new airtel brand has been a tremendous success in all our 19 countries,” said Sunil Bharti Mittal, chairman and managing director, Bharti Airtel.