Tuesday, September 26, 2017

Grameenphone’s net profit rises 55 percent in second quarter of 2017

  • Senior Correspondent, bdnews24.com
    Published: 2017-07-13 20:21:36 BdST

bdnews24

Grameenphone or GP has reported a profit of Tk 7.9 billion for the second quarter, registering 55 percent growth compared to the same period last year.

The mobile phone operator, which has the largest subscriber base, released its Q2 financials on Thursday.

It said the second quarter ended with revenues of Tk 32.4 billion, up 5.8 percent from the first quarter. Earnings per share stand at Tk 5.87 from Tk 3.95 in the second quarter of 2016.

Addressing the media at a Dhaka hotel on Thursday, CEO Michael Foley described the April to June quarter as 'very competitive' for the telecoms industry, especially on the subscriber front.

"Amidst this environment, we were able to deliver a healthy growth both in data and voice segments,” he said.

GP said its subscriber base stands at 61.6 million until Jun 30, growing by 2.9 percent from the first quarter.

With 27 million data subscribers, about 44 percent of total subscribers use its internet services, GP said in a statement.

Foley, however, said the regulatory regime and local taxation policy have emerged as 'growing concerns'.

“We remain strongly committed to, and hopeful that, meaningful consultation between the industry and government on the 4G licence, spectrum neutrality, historical SIM tax claims and consumer consumption taxes among other issues, will lead to a more predictable environment for investors and more affordable and widely available services for customers,” he said.

For Foley, a Canadian, it was his first media briefing since his assignment in Bangladesh.

Announcing a 105 percent interim cash dividends, CFO Dilip Pal said that the second quarter financials reflected the company's commitment to "focus on driving growth with efficiency".

GP said it invested Tk 3.3 billion in the quarter for network coverage expansion and contributed Tk 16.4 billion to the government coffers.