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)
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