NEW DELHI: India’s largest telecom services provider, Bharti Airtel on Friday posted a lower than expected third quarter profit of Rs 284 crore. The profit is down 72 pc. And this is the 12th consecutive quarterly decline for the world’s fourth biggest cellular carrier.
The Bharti Airtel attributed the decline in profit to high depreciation, amortisation and interest cost, according to an ET report. Net profit for the third quarter declined 61 per cent sequentially to Rs. 284 crore against Rs. 721 crore in the second quarter. Revenues were down marginally at Rs. 20,239 crore against Rs. 20,273 quarter-on-quarter.
In the previous quarter, Bharti Airtel’s net profit fell 29.8 per cent to Rs 7.21 billion from Rs 10.27 billion a year earlier.
The company in an effort to revitalize its business is effecting management restructuring. It will appoint Manoj Kohli, who is currently the chief executive of its Africa operations, as the managing director from March 1, 2013.
The company is trying to revitalize its GSM business with focus on data services, and recently named Gopal Vittal as its new CEO after Sanjay Kapoor’s resignation.
Airtel is the world’s fourth largest mobile telecommunications company with over 261 million subscribers across 20 countries as of August 2012.It is the largest cellular service provider in India, with 183.61 million subscribers as of November 2012.