Warid’s Revenues up by 10 % in Q3 2011

Warid_LogoWarid Telecom reported 10 percent growth in revenues for third quarter fiscal year 2011, however, it contributed in loss loss to Singtel’s profit.

Singtel, while reporting it’s share of 30 percent stakes in Warid, said that despite 10 percent growth in revenues in Q3 2011, Warid posted net loss; including fair value losses and the 12% depreciation of the Pakistani Rupee against the Singapore Dollar.

Singtel in it’s quarterly financial report said that Group’s share of overall pre-tax losses amounted to 14 million Singapore Dollars, 1.4% higher compared to the same quarter last year.

Financial report said that the Group’s share of pre-tax losses from Warid increased by 17% or 2 million Singapore dollars when compared to preceding quarter on increased financing costs and fair value losses.

Singtel holds 30 percent interest stakes in Warid through a deal with Dhabi Group, while remaining 70 percent shares are still owned by Dhabi Group, a privately held group based out of UAE.

Singtel said that Warid’s EBITDA improved by 21% on operating revenue growth.

Report revealed that Warid is currently in discussions with certain of its lenders in relation to a proposed restructuring of its loan facilities.

As at 30 September 2011, the outstanding principal value amounted to approximately US$752 million, and was secured by a floating charge on Warid’s assets. US$90 million of these loan facilities were guaranteed by SingTel and US$512 million was secured by guarantees of the other shareholder group of Warid.

Tech reporter with over 10 years of experience, founder of ProPakistani.PK