Bharti Airtel Q1 net falls more than expected
NEW DELHI |
NEW DELHI (Reuters) – Bharti Airtel, India’s top mobile phone carrier, on Wednesday reported a bigger-than-expected 28 percent fall in quarterly profit, hit by interest costs related to its purchase of African operations and costs of its new third-generation network in India.
Bharti, nearly a third owned by Southeast Asia’s biggest phone firm, SingTel, said consolidated net profit fell to 12.15 billion rupees ($274 million) for its fiscal first quarter ended June, from 16.82 billion rupees a year earlier.
The earnings were based on international accounting standards.
A Reuters poll of brokerages had expected net profit of 15.18 billion rupees for the New Delhi-based firm, which in June 2010 had acquired most of the African mobile operations of Kuwait’s Zain in a $9 billion deal to become the world’s fifth-biggest mobile carrier by subscribers.
($1=44.4 Indian rupees)
(Reporting by Devidutta Tripathy; Editing by Malini Menon and Matt Driskill)
Article source: http://feeds.reuters.com/~r/reuters/INbusinessNews/~3/XbqT5-vj9Vc/idINIndia-58595020110803
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