Grameenphone's profit drops

Bangladesh's largest mobile phone operator Grameenphone said its profit declined in the July-September period of the current financial year.

The reason for the drop in profit is higher sales and operational costs and a larger net finance cost, according to its financial statement released today.

Its profit dropped to Tk 751 crore in the July-September period, down from Tk 755 crore in the same period a year ago. Accordingly, its earnings per share fell to Tk 5.56 in the three months to the end of September from Tk 5.59 a year earlier.

However, its turnover rose to Tk 4,009 crore in the third quarter, up 1.4 percent year-on-year. During the period, Grameenphone's operational costs increased by 3 percent to Tk 2,564 crore from Tk 2,489 crore in the July-September period of the previous year.

Grameenphone's net finance cost increased to Tk 176 crore in the July-September quarter from the previous year's Tk 169 crore.