Bharti Airtel net profit dips as 3G costs mount

Business

oi-Sunil

By Sunil Fernandes

Published: Wednesday, May 2, 2012, 16:21 [IST]

Bharti Airtel has reported a net profit of Rs 1006 crores for the fourth quarter ending March 31, 2012, as against Rs 1,401 crores reported in the corresponding period of last year.

The total revenues for the Q4 has come in at Rs 18,729 crore, up by 15% year on year. The board of Bharti Airtel has has considered and recommended a dividend of Re. 1/- per equity share of Rs. 5/- each for the financial year 2011-12, subject to the approval of the shareholders.

The consolidated net income of Rs 1,006 crore was impacted by higher costs on account of 3G license fee amortisation (Rs 106 crore), 3G interest costs ( Rs 84 crore), forex fluctuation losses (Rs 132 crore) and tax provisions (Rs 198 crore).

In a statement, Mr. Sunil Bharti Mittal, Chairman & Managing Director, Bharti Airtel Limited, said,
“I am pleased that the year has ended with the Company’s customer base crossing 250 million across twenty countries, the twentieth country being Rwanda. Our launch of 4G LTE, the first in India, is testimony to our commitment to the broadband agenda. The recent regulatory developments in India will have significant implications on the future of telephony and broadband, as well as India’s global competitiveness. The entire industry looks to the Government for a fair, transparent and sustainable telecom regime”.

The Bharti stock was up by 1.96% at Rs 316.65 on the BSE.

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