GP posts Tk 7.9b profits in Q2

Dhaka,  Thu,  24 August 2017
Published : 13 Jul 2017, 22:29:33
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GP posts Tk 7.9b profits in Q2

FE Report


The country's leading mobile operator, Grameenphone, has seen a 5.8 per cent jump in its revenue in the second quarter of this calendar year, accumulating a total revenue of Tk 32.4 billion during the April-June period of 2017.

The company's net profits after taxes for the quarter was Tk 7.9 billion, GP officials said while revealing its quarterly financial results at a press briefing in the capital on Thursday.

At the same time, the EBITDA of the mobile operator in this quarter was Tk 19.9 billion-- a feat which has been attributed to higher revenue and operating efficiency.

The company's earning per share in the quarter was BDT 5.87.

The leading mobile operator ended the second quarter of 2017 with 61.6 million active subscribers, registering a 2.9 per cent growth from the first quarter of 2017.

"Industry was very competitive during the quarter, especially in the subscriber acquisition front," said Michael Patrick Foley, Chief Executive Officer (CEO) of Grameenphone.

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

Meanwhile, the company has declared interim dividend at the rate of 105 per cent of paid-up capital.

"Offsetting the commercial performance of the business is growing concerns relative to the business environment, in particular the regulatory regime and local taxation policy," said Mr Foley, who was appointed GP CEO in May.

He also stressed the need for meaningful consultations between industry and government on issues of 4G Licence, Spectrum Neutrality and auction, historical SIM tax claims and consumer consumption taxes among other issues, which, he said, would lead to a 'more predictable environment for investors'.

At the programme, it was also informed that GP invested Tk 3.3 billion in the quarter, the bulk of which was invested in for 3G as well as 2G coverage expansion.

It has added 141 2G and 225 3G sites, taking the cumulative site numbers to 12,363 for 2G and 11,557 for 3G, the officials said.

Around 27.0 million or 43.9 per cent of total Grameenphone subscribers are now using its internet services.

In the second quarter, the company also channelled Tk 16.4 billion to the exchequer, comprising 50.6 per cent of total revenue in the form of taxes, VAT, duties and licence fees, it was informed.

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