Bangladesh’s Grameenphone revenue up 5.9 pct in H1 of 2018

DHAKA, July 16(Xinhua) — Bangladesh’s largest cell phone operator Grameenphone Monday reported a 5.9- percent increase in revenues for the first half of 2018 compared with that in the same period last year.
The company, which is listed on the Dhaka Stock Exchange in Bangladesh, said that the revenue was 63.8 billion taka (1 U.S. dollar equals to about 84 taka) for the January-June period of 2018, up 1.2 percent from the same period last year.
Data revenue grew by 21.1 percent along with voice revenue growth of 2.4 percent, the company said.
“First half of 2018 was challenging due to adverse effect from bad weather and ongoing competition intensity. Despite this we were able to report healthy growth and margins,”said Michael Patrick Foley, chief executive officer of Grameenphone Ltd.
“We crossed the 2 million 4G subscriber milestone and our network rollout as well as modernization plan is on track to deliver superior customer experience. Our consolidated voice and competitive data offers are creating positive traction in the market.”
Net profit after taxes for the first half was 17.2 billion taka with 26.9 percent margin, the company said adding Earnings Per share (EPS) for the period was 12.74 taka.
“Grameenphone Ltd. reported healthy EBITDA uplift and margin during the period. Amidst the challenges, we were able to end the 1st half of 2018 in a positive note,”said Karl Erik Broten, chief financial officer of Grameenphone Ltd.
“I am also happy to announce that Grameenphone Board of Directors declared interim dividend at the rate of 125 percent of paid up capital.”
According to the statement, Grameenphone Ltd. invested 25.4 billion taka for 4G license, spectrum, tech-neutrality conversion fee and network coverage as well capacity enhancement.
In the quarter, the company said it contributed to exchequer 47.9 billion taka, comprising 74.7 percent of total revenue, in the form of taxes, VAT, duties, spectrum assignment, neutrality and license fees.
With 69.2 million customers at the end of June, GP, 55.8 percent owned by Norwegian telecom company Telenor and 34.2 percent owned by local Grameen Telecom, is the largest telecom operator in Bangladesh and has a strong legacy of providing mobile services to all parts of the country.   Enditem