Bharti net dips as Africa drags
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. HT reports.india Updated: May 05, 2011 21:50 IST
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.