Japanese telecom gaint Softbank recorded a loss of $350 million for last nine months of 2016 in the fair value of the Company’s investments in India. The loss comes on top of a $555 million writedown on the value of Softbank’s India portfolio in the six-month period ending September 2016. “With reference to the current markdown, portfolio…
Bharti Airtel more than doubled its third-quarter net profit, beating estimates, as a higher usage of its pricier data services along with lower costs helped offset pressure on its voice business as well as continued losses in Africa.
Consolidated profit for India’s largest telecom operator rose to 1,436 crore for the three months ended December 31 from 610.2 crore a year ago. It was the highest level of earnings since September 2010 and the fifth straight quarter of profit growth after a prolonged period of declines under competitive pressures. The street had broadly expected profit at about 1,310 crore. Revenue grew nearly 6% to 23,217 crore.
“Airtel’s revenue growth in India of 12.6% in the third quarter is the highest in nine quarters. Mobile data growth is at 74.3%,” Gopal Vittal, managing director and chief executive officer for India & South Asia, said in a statement on Wednesday. Data contributed 16.2% of India mobile revenue, up from 14.5% in the previous quarter, and 10.6% a year ago. Lower net finance and tax expenses and higher operational efficiencies also contributed to the strong profit growth, Bharti Airtel, about a third owned by Singapore Telecommunications, said. Apart from India, which contributes over 70% to its revenue, Bharti Airtel operates in Sri Lanka and Bangladesh as well as 17 countries in Africa. It has a total of 312.9 million users, over 217 million of whom are in India. Original post at ET Telecom Asia