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Batelco sees 2010 profit below 100 mln dinars- CEO
The operator has allocated up to $2 billion for an acquisition in Africa or Southeast Asia.
July 22, 2010 11:36 by Reuters
Bahrain Telecommunications (Batelco) sees full-year net profit to be below 100 million dinars ($265.3 million), its chief executive said on Thursday.
“Below 100 million dinars is the best I can offer now,” said Chief Executive Peter Kaliaropoulos when asked how much full-year profit he expected for the full-year.
Speaking at a news conference in Manama, Kaliaropoulos said making an acquisition abroad was going to be “a slow process.”
The operator has earmarked up to $2 billion for an acquisition in Africa or Southeast Asia to expand overseas after it bought a 49 percent stake in Indian mobile operator S Tel Ltd for $225 million last year.
(Reporting by Frederik Richter; Writing by Dinesh Nair; Editing by Amran Abocar)