GP’s revenue drops 3.8pc in Q3 due to unrest, internet shutdown

Grameenphone’s profit grew only 1.0 per cent year-on-year to Tk 7.55 billion in the third quarter (Q3) this year, owing to higher operational expenses and increased foreign exchange loss amid political unrest.

The leading telecom operator’s revenue stood at Tk 39.5 billion for July-September this year, registering de-growth of 3.8 per cent over the same period last year owing to unrest and internet shutdown, according to its financial statements published on Monday.

“This quarter has been particularly challenging for us, testing our resilience across various fronts—economically, politically, and through natural disasters,” said Yasir Azman, CEO of Grameenphone, in the statement.

“Despite these difficulties, we have achieved well-managed financial and operational trends while maintaining our investment in strategic growth areas," said the GP chief.

The market leader’s total subscriber base stood at 84.6 million at the end of the third quarter while 58.3 per cent or 49.3 million subscribers are using internet services.

“This quarter allowed us to test the resilience of our business. The third quarter began with a positive trend, but several days of unrest and internet shutdowns, along with unprecedented floods in several regions, have significantly impacted the economy and our business,” said Otto Risbakk, Chief Financial Officer of GP.

The company’s nine months, however, grew more than 8.60 per cent year-on-year to Tk 29.55 billion in January-September this year. Its revenue registered a 2.23 per cent growth to Tk 121 billion during the period under review.

Its stock price fell 0.36 per cent to Tk 304 on Monday.

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