Grameenphone, the largest mobile phone operator in Bangladesh, logged a Tk 1,338 crore profit in the first quarter of the financial year 2024, riding on reduced net finance costs and foreign exchange gains.

The telecom company, the most valued scrip in Bangladesh's stock market, reported a

72 percent higher profit in the January-March quarter from a year ago, thanks also to reduced income tax expenses, according to its unaudited financial statement posted on its website late yesterday.

The earnings result by the phone operator having the highest subscribers comes two days after Robi Axiata Ltd, the country's second-largest mobile phone operator, reported a 153 percent jump in profit to Tk 106 crore for the identical three-month period.

Grameenphone said its revenue grew 5 percent year on year to Tk 3,734 crore in the first quarter. But the operating profit grew only 3 percent because of an increase in the overall cost.

Yet, the mobile phone operator could post increased earnings for its shareholders by reducing finance costs by 13 percent to Tk 108 crore.

On the other hand, the company posted a 180 percent gain through foreign exchange transactions. 

Alongside, Grameenphone reported a 78 percent decline in income tax expenses and all these helped the company post increased earnings in January-March.

In January-March, earnings per share grew to Tk 9.91 from 5.77 a year ago.

The mobile phone operator, which reported Tk 3,306 crore in profit in the last financial year, closed almost flat at Tk 232.50 on the Dhaka Stock Exchange yesterday.