Batelco targets $265m profit in 2010

31/01/2010 00:00 AST

Bahrain Telecommunications Co (Batelco) expects full year profit in 2010 to be at least 100 million Bahrain dinars ($265.3 million), its chief executive said on Sunday.

"Our target is again to achieve a triple digit million profit, that is a hundred million (bahraini dinars) if not higher", Peter Kaliaropoulos told a news conference in Manama.

Batelco posted a net profit of 105 million dinars for 2009.

Kaliaropoulos added that shareholders should at least expect the same dividend for 2010 regardless of whether the company will make its planned acquisition this year.

He reiterated Batelco plans to make an acquisition worth up to $2 billion in Africa or Asia. "We've been searching now for some time to find existing companies (in) North Africa, other parts of Asia, (that is) South East Asia," he said.

He said Batelco was able to finance a buy worth up to $2 billion through raising debt and investing with equity partners. "Our preference is for existing companies with existing clients," he said.

Like other telecoms operators in the Gulf region, Batelco is trying to grow abroad to counter rising competition at home where markets are increasingly being liberalised.


Reuters

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