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Bharti Airtel's quarterly profit drops 49 per cent, blames tax increase

The Canadian PressMay 2, 2013 04:45
MUMBAI, India - Bharti Airtel, India's biggest telecommunications company, reported Thursday that quarterly net profit fell by nearly half to 5.1 billion rupees ($94.7 million) on higher taxes and operating costs. The company said revenue for the January-March final quarter of its fiscal year rose 9.2 per cent from a year earlier to 205 billion rupees ($3.8 billion). However, a tax increase of 1.3 billion rupees ($24.8 million) for the quarter over the previous year cut into profits, accounting for about half of the steep year-on-year drop.

Profits at India's Bharti Airtel sink further

Agence France-PresseMay 2, 2013 01:15
India's top telecoms company Bharti Airtel said Thursday its net quarterly profit halved in its final financial quarter to March, hit by fierce competition and punishing interest charges. Consolidated net profit for the three months to March tumbled to 5.08 billion rupees ($94 million), down from 10.06 billion rupees in the same period a year earlier. The drop in profit marked the phone giant's 13th straight quarterly fall and was well wide of analysts' forecasts of a 7.0-billion-rupee profit, leading to a sharp fall in its shares.

India's top court postpones Bharti boss hearing

Agence France-PresseApril 27, 2013 11:45
India's highest court has postponed until further notice a hearing for telecom tycoon Sunil Bharti Mittal over corruption allegations involving the allotment of telecom airwaves. Mittal, chief of Bharti Airtel, India's biggest mobile operator, was last month for the first time personally dragged into the second-generation (2G) spectrum allocation controversies that have shaken the country in recent years. But the Supreme Court late Friday said Mittal's hearing on the allegations was being "postponed" until further notice. He was due to appear in court on Monday.

India's top court postpones Bharti boss hearing

Agence France-PresseApril 27, 2013 04:30
India's highest court has indefinitely postponed a hearing for telecom tycoon Sunil Bharti Mittal over corruption allegations involving the allotment of telecom airwaves. Mittal, chief of Bharti Airtel, India's biggest mobile firm, was only last month personally dragged into the second-generation (2G) spectrum allocation controversies that have shaken the country in recent years. But the Supreme Court late Friday said Mittal's hearing on the allegations was being "postponed" until further notice.

Bharti consortium in final stage of Myanmar telecom licence race - source

April 11, 2013 06:45
NEW DELHI (Reuters) - A consortium of India's Bharti Airtel Ltd has qualified to enter the final stage of a telecommunications licensing process in Myanmar, a company source said on Thursday, pitting it against some of the world's leading carriers to secure a permit in one of the last major untapped markets. There are still more than a dozen companies competing for the two licences on offer, the source said, declining to give any further details.

Telecom Italia board to weigh Hutchison option

April 11, 2013 04:00
MILAN (Reuters) - The board of Telecom Italia <TLIT.MI> will meet on Thursday to discuss a potential tie-up with Hong Kong-based Hutchison Whampoa <0013.HK>, which sources familiar with the talks say is targeting nearly 30 percent in the Italian group. Chairman Franco Bernabe, under pressure from shareholders to improve margins at debt-laden Telecom Italia, is likely to win permission from the board to deepen talks, which both Telecom Italia and Hutchison said this week are at a preliminary stage.

India's top court allows Bharti, Vodafone, Idea 3G pacts until April 11

April 8, 2013 06:30
NEW DELHI (Reuters) - Telecom firms Bharti Airtel Ltd, Vodafone Group Plc's local unit and Idea Cellular can maintain until April 11 pacts allowing them to offer 3G services outside their licensed zones, India's supreme court ruled on Monday. The telecommunications ministry had asked Bharti Airtel, Vodafone and Idea Cellular to end the pacts, which the government says are illegal. It also imposed penalties on the companies.

India court summons Bharti boss in mobile spectrum case

March 19, 2013 13:16
An Indian court on Tuesday ordered Sunil Bharti Mittal, the billionaire head of India's biggest mobile firm Bharti Airtel, to appear in court on corruption allegations over the 2002 allotment of telecom airwaves. The summons stems from a decision by India's Supreme Court ordering the federal Central Bureau of Investigation (CBI) to investigate possible wrongdoing in allocating mobile airwaves from 2001 to 2007.

India court summons Bharti boss in mobile spectrum case

March 19, 2013 10:16
An Indian court on Tuesday ordered Sunil Bharti Mittal, the billionaire head of India's biggest mobile firm, to appear in court to face corruption accusations over the 2002 allotment of telecom airwaves. The summons stems from a decision by India's Supreme Court ordering the federal Central Bureau of Investigation (CBI) to investigate possible wrongdoing in allocating mobile airwaves from 2001 to 2007.

India's Reliance awards $1 bn contract to Ericsson

February 11, 2013 08:00
Indian mobile phone firm Reliance Communications (RCom) on Monday announced it has awarded a $1-billion, eight-year contract to Swedish telecom equipment-maker Ericsson to run some of its networks. Ericsson will manage the daily operations of RCom's wireline and wireless networks in northern and western India, the companies said in a joint statement.
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