GrameenPhone 1Q11 sales jump 21.3% in local currency

4 May 2011

Bangladesh’s largest cellco by subscribers GrameenPhone (GP) has reported a 21.3% year-on-year leap in revenues to BDT20.6 billion (USD280 million) for the first quarter of 2011, driven by a 33.8% increase in its subscriber base as well as rising sales of mobile devices, encouraged by handset subsidies. Quarter-on-quarter revenue growth was 5.5%. A programme of attracting rural customers was continued as GP expanded its distribution coverage to over 186,000 retail points while offering region-based tariff discounts, low-cost handsets and more comprehensive Bangla language content. Net profit in 1Q11 was BDT2.87 billion, giving a 13.9% margin, compared to BDT3.16 billion with 18.5% margin a year earlier, mainly attributed to a rise in subsidy expenditure from BDT810 million in 1Q10 to BDT2.1 billion in the quarter under review. This effect also saw EBITDA margin fall from 55.4% to 47.8% over the same period. During the quarter, GP added 2.0 million subscriptions to end March 2011 with nearly 32 million customer accounts. The company, part of the Telenor group based in Norway, also said that its number of 2.5G internet users grew by 61% year-on-year in 1Q11.

Bangladesh, GrameenPhone,

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