Bharti Airtel Q1 net falls more than expected

Aug 03, 2011 |

Reuters

New Delhi

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Bharti Airtel

Bharti Airtel, India's top mobile phone carrier, on Wednesday reported a bigger-than-expected 28 per cent 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.

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