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Batelco began the year on a strong note with a net profit of $69.8 (BD26.3 million) in the first quarter as gross revenues grew by seven per cent $222 million (BD83.7 million).
Chairman Shaikh Hamad bin Abdulla Al Khalifa said: "We remain focused on delivering better service and value to our customers.
"Despite increased choice and competition, our revenues in Bahrain have grown 14 per cent. We continue to invest in Bahrain's infrastructure for our customers and are also investing in new technology and growing our operations across the Middle East."
Chief executive Peter Kaliaropoulos said:_"Batelco continued to deliver strong revenue growth whilst managing its costs, ending the quarter with 12 per cent earnings growth and 19 per cent growth in its operating profit compared to the same period in 2008. We delivered 42.7 per cent earnings margin and our operating profit margin is 30.3 per cent at the end of Q1 2009. Our net debt is effectively zero," stated Mr Kaliaropoulos.
"Batelco's transformation in Bahrain and across the region continues to deliver strong results to shareholders whilst customers are benefiting from our investments in new services such as very high speed fixed and wireless broadband and enterprise solutions.
"Our overseas operations also now contribute 33 per cent of our revenues and more than 15 per cent of our operating profits.
"With our new network now complete following our BD22 million investment, we are fully enabled to deliver country-wide high speed broadband and a comprehensive range of convergent products and services giving Bahrain's residents more choices than ever before and, radically reshaping the local communications industry," said Mr Kaliaropoulos.
"High speed, broadband service is an essential catalyst for a knowledge economy and underpins Bahrain's Economic Vision for 2030."
Shaikh Hamad also noted that Batelco continues to be one of the leading employers of Bahrainis in the kingdom with 92 per cent of its 1,594 workforce being Bahraini. Additionally, Batelco is among Bahrain's leading philanthropic companies with millions being spent each year on sponsorships and donations."
