Bahrain Telecommunications Co (Batelco) is cutting 87 jobs and starting cost cutting programmes to offset slowing growth in its domestic market where it faces growing competition, a Bahraini newspaper reported.
"Though the group achieved a 25 per cent increase in revenue last year, the growth in Bahrain was only 7 per cent," Tuesday's edition of Bahrain's Gulf Daily News quoted Batelco Chief Executive Peter Kaliaropoulos as saying.
The firm made a fourth-quarter net profit of $61.88 million, a 24.7 per cent increase on a year earlier.
Batelco has been under increasing pressure from Bahrain's telecoms watchdog to allow rival operators to use its infrastructure to boost competition. (Reuters)
Bahrain Telecom to cut jobs after slow home growth