GP’s net profit Tk 8.9bn in 2020’s third quarter


19th October, 2020 03:13:51 printer

GP’s net profit Tk 8.9bn in 2020’s third quarter

Mobile phone operator, Grammenphone posted its net profit of Taka 8.9 billion with 25 percent margin in third quarter (Q3) of 2020.

In the quarterly business update released on Monday (today), the country’s leading operator said it reported total revenues of Taka 35.6 billion for Q3, registering an 2.8 percent de-growth from the same period last year.

“Grameenphone is reporting a recovering top-line in Q3 as economic activity of Bangladesh gradually resumes following the initial months of COVID-19 pandemic,” said the operator’s Chief Executive Officer (CEO) Yasir Azman.

The operator ended the quarter with 77.6 million total customers, of which, 54.1 percent or 42 million is internet customers.

Besides, earnings per share (EPS) for the period stood at Taka 6.59.

“We also experienced adverse impact from challenging weather conditions in this quarter,” said Azman.

Mentioning that Q3 brought some additional challenges due to record rainfall and floods in parts of Bangladesh, Grameenphone Chief Financial Officer (CFO) Jens Becker said “after reporting a de-growth of 8.1 percent in the previous quarter, we see promising recovery in Q3 with a de-growth of 2.8 percent year over year (YoY) in total revenues along with growth in both data revenue and data users.”

He said they also registered healthy growth in digital recharge volume YoY.

During the third quarter, Grameenphone invested Taka 3.2 billion (excluding license and lease) for network coverage, adding 1070 new 4G sites to their network. The total number of sites stands at 16,481.