GrameenPhone’s H1 sales rise 21%, welcomes state SIM tax cut

20 Jul 2011

Bangladesh’s leading cellco by subscribers GrameenPhone (GP) has reported BDT43.4 billion (USD573 million) in revenues for the first half of 2011, a 21% increase from the same period of 2010. Second-quarter sales were also up by 21% year-on-year to BDT22.7 billion, on rising voice revenues due to subscription volume growth and sales of GP-branded handsets. Net profit for the first six months of 2011 was BDT6.77 billion, with a 15.6% profit margin, compared to BDT4.83 billion (13.5%) in 1H10, as the effect of service turnover growth was only partly offset by BDT3.75 billion spent on handset subsidies to cover the government mobile SIM tax, as well as BDT570 million losses on currency devaluation and higher income tax expenses. EBITDA margin for January-June 2011 was 50.6%, up by two percentage points in a year. GP added a net 3.9 million new GSM-based customers in the six months ended 30 June for a total of 33.8 million subscribers. The Telenor-backed cellco also reported that it has reinforced its retail channel and distribution infrastructure with a current total of more than 264,000 point of sales to reach rural and remote areas.

As reported by Bangladesh’s Financial Express, the government has applied a long-awaited reduction in the SIM tax in its budget for 2011-12 (running July-June), from BDT800 to BDT606. ‘This reduction was long awaited and we appreciate [the] government’s considerate decision that will help accelerate growth in telecommunication,’ said GP’s CEO Tore Johnsen.

Bangladesh, GrameenPhone,


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