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Dhaka Tribune

GP makes Tk5.74bn net profit in Q3

Update : 26 Oct 2013, 06:23 PM

The mobile operator Grameenphone earned Tk25.01bn revenue in the third quarter of the year, posting 9.4% growth compared to the same period of 2012.

During the period, the net profit after tax was Tk5.74bn with a margin of 22.9%, said GrameenPhone at a press conference in Dhaka on Saturday.

Despite intense competition and sluggish economic activity amid fear of political uncertainty, the operator has achieved the growths, said GP officials.

The growth has been attributed to an increase in data traffic induced by attractive recharge and discount offers.

Besides, growth in interconnection minutes, higher device sales and other related businesses helped GP achieve revenue and profit growths.

The country’s leading operator launched 3G mobile broadband in this time. Earlier, in the September auction, the operator bought 10 Megahertz and invested Tk19.6bn for the 3G network and the spectrum.

Replying to a question, Grameenphone CEO Vivek Sood informed that they are getting 1,000-1,200 subscribers per day of the high-speed broadband service.

Initially, the service has been launched in some limited areas of Dhaka, Chittagong and Sylhet.

Vivek Sood said GP will be able to reach 40% of the population by the first quarter of 2014.

GP successfully got new subscribers capitalising on massive POS expansion, improved market visibility, hyped trade engagements and positive price perception.

“I am pleased to present the third quarter results to our honorable shareholders, where GP has managed to be in a forward leaning position with revitalised market machineries to secure the fair share of growth being generated from the market,” said Vivek Sood.

He added: “I am also excited to begin the new data centric era providing internet for all and enabling people to improve their lives with power of digital communication. With the advent of 3G, this vision will be ever more possible to realise.”

The market leader claimed profit soared due to higher revenue, lower operating expense induced by lower subscriber acquisition cost from SIM tax reduction, lower consultancy and one time effect of gain on disposal of shares in GPIT.

Earnings per share (EPS) for this time stood at Tk4.25 compared to Tk2.34 of the same period of 2012. This prompted a healthy 81.5% growth.  

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