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GP’s net profit Tk 8.9bn in 2020’s Q3

GP’s net profit Tk 8.9bn in 2020’s Q3

The country’s leading mobile phone operator Grammenphone posted its net profit of Tk 8.9 billion with 25 percent margin in third quarter (Q3) of 2020.

In the quarterly business update released on Monday (Oct 19), the network operator said it reported total revenues of Tk 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.

GP 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 Tk 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 Tk 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.