GP's first quarter profit down 2.48pc

Grameenphone's net profit declined 2.48 percent year-on-year to Tk 639.43 crore in the first quarter of 2018.

Revenue income, however, rose 2.03 percent to Tk 3,124.36 crore in the January-March period, said the largest mobile phone operator in the country in a statement yesterday.

GP did not give any reason for the fall in the profit. The revenue grew mainly through data and voice earnings, by 23.9 and 3.9 percent respectively.

The company acquired 21 lakh new subscribers in the quarter, bringing the number of active connections to 6.75 crore at the end of March, registering a 3.3 percent growth.

It added 11 lakh internet users during the period, meaning 47.8 percent of all subscribers are using its services.

“The quarter also marked healthy top-line and subscriber growth amidst the ongoing competitive environment,” said Michael Patrick Foley, chief executive officer of GP.

“We launched a couple of relevant market offers both in voice and data that are showing positive results in revenue generating base and its corresponding usage,” he said.

GP rolled out 4G services on February 19 with an ambition to provide “the best experience” in combination with additional spectrum and tech-neutrality.

It invested Tk 1,710 crore for 4G licence, spectrum and tech-neutrality conversion fee and Tk 380 crore for network coverage and capacity for 2G, 3G and 4G.

 “We have a robust rollout and modernisation plan to consolidate our superior position of network quality,” said Foley.

GP's earnings per share for the quarter stood at Tk 4.74 while it paid Tk 2,750 crore, or 88 percent of the revenue, to the exchequer in the form of taxes, value added tax, duties, spectrum assignment, neutrality and licence fees.

It credited higher investments in the market mainly for the launch of 4G service, higher subscriber acquisition and professional fees for digital services.

In its annual general meeting on Thursday, GP's shareholders approved 205 percent cash dividend, including a 105 percent interim cash dividend, for 2017.