Warid revenues up by 10 % in Q3 2011

Singtel, which owns 30% stakes in Warid, said that the telco had posted a net loss despite a 10% growth in revenues.

Warid Telecom has reported a 10% growth in revenues for the third quarter of fiscal year 2011. This has, however, contributed in a loss to Singtel’s profit.

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

Singtel in its quarterly financial report said that the group’s share of overall pre-tax losses amounted to 14 million Singaporean 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 Singaporean Dollars when compared to the preceding quarter on increased financing costs and fair value losses.

Singtel holds 30% interest stakes in Warid through a deal with Abu Dhabi Group, while the remaining 70% shares are still owned by Abu 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.

A version of this post originally appeared on ProPakistani.