Bahrain Telecommunications Company BSC reported consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the year, the company reported gross revenues of BHD 379.4 million as compared to BHD 367.1 million in 2016. EBITDA was BHD 124.7 million compared to BHD 135.2 million a year ago. Operating profit was BHD 58.4 million compared to BHD 65.4 million a year ago. Consolidated net profit was BHD 3.5 million compared to BHD 37.6 million a year ago. The decline in EBITDA is mainly attributable to BHD 8.1 million voluntary employee retirement costs incurred in Batelco Bahrain. Profit before taxation was BHD 15,949,000 compared to BHD 47,810,000 a year ago. Profit for the year attributable to equity holders of the company was BHD 3,491,000 or 2.10 fils per basic and diluted share compared to BHD 37,639,000 or 22.6 fils per basic and diluted share a year ago. Net cash flow from operating activities was BHD 96,821,000 compared to BHD 135,170,000 a year ago. Acquisition of property, equipment and intangibles was BHD 54,193,000 compared to BHD 72,554,000 a year ago.

For the quarter revenues reported an 8% increase compared to 2016 of BHD 101.9 million in 2017 compared to BHD 94.1 million in fourth quarters 2016. The Group reported net loss of BHD 21.7 million compared to a net profit of BHD 5.2 million in fourth quarter 2016, a 518% decline.

For the full year 2018, the group is anticipating profit in the range of BHD 40 million to BHD 45 million and expects to pay cash dividends of approximately 25 fils per share over the next three years.