GP posts 8.04pc profit growth in Q3

Staff Correspondent | Published: 22:39, Oct 20,2017 | Updated: 22:57, Oct 20,2017

 
 

Leading mobile phone operator Grameenhpone has posted 8.04 per cent profit growth during the July-September period this year against the profit registered in the corresponding period of the previous year, the third quarterly financial statements of the entity published on Friday showed.
GP’s profit after tax increased by Tk 51.86 crore to Tk 696.65 crore in its third quarter compared with that of Tk 644.79 crore in the same period of the previous year.
Earnings per share increased to Tk 5.16 in Q3 from Tk 4.78 during the same period in 2016.
Net profit of the mobile network operator, however, decreased by 11.89 per cent or Tk 94 crore to Tk 696.65 crore during the third quarter against that of Tk 790 crore in the second quarter this year with an EPS of Tk 5.87.
‘The quarter was particularly challenging one due to heavy rainfall and the disastrous flooding that affected much of the country,’ Michael Patrick Foley, chief executive officer of Grameenphone, said in a statement on Q3 earnings.
The industry continued to be very competitive on a number of fronts including subscriber acquisition. Nevertheless, we delivered growth both in data and voice segments,’ the GP CEO said.
‘During the quarter, strong retail execution and competitive offers contributed to adding close to 3 million data subscribers,’ Foley said.
During the January-September period this year, GP’s profit after tax increased to Tk 2,144.81 crore with an EPS of Tk 15.88 against Tk 1,714.79 crore and Tk 12.70 respectively in the same period in 2016.
‘Grameenphone continued with its growth mo mentum and healthy profitability during the quarter,’ said Karl Erik, the newly appointed chief financial officer of Grameenphone.
He added, ‘The healthy growth in our revenue generating subscriber base, price stability in voice segment and ongoing operational efficiency programmes are all contributing to value creation for our shareholders.’
During the period, GP rolled out 154 2G sites and 284 3G sites, taking the cumulative site numbers to 12,517 for 2G and 11,841 for 3G. 

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