Grameenphone reported a decline in revenue in the July-September 2024 quarter, while its profits increased slightly due to political unrest and flooding in the east of the country.

An internet shutdown amid a student revolt against the previous government caused a sharp drop in its data revenue.

The top telecom company’s total revenue fell 3.8 per cent to Taka 3,950 crore in the third quarter of the year.

At the same time, its profits grew 1.1 per cent to Tk 760 crore, according to the company’s financial statements.

Meanwhile, shares of the multinational company soared to Tk 379 after the fall of the Sheikh Hasina-led government. Later there was a correction. Yesterday, it increased by 2.17 percent to Tk 311.

Yasir Azman, chief executive officer of Grameenphone, said this quarter has been difficult on several fronts: economic, political and due to natural disasters.

Despite these challenges, the company has managed to successfully manage its financial and operational trends while maintaining investments in strategic growth areas, he added.

Political unrest had a significant impact on data usage, with average revenue per user decreasing by 7.5% year-over-year.

During the quarter, Grameenphone achieved 5.9 GB of average data usage per user, down 17% from the same period last year.

The company’s operational costs increased by 4.5 per cent to Taka 1,380 crore year-on-year.

This is mainly due to an increase in operating costs during the period of unrest and the extraordinary costs of restoring the network in flood-affected regions, the company said in its financial highlights.

“As an industry leader, we must collaborate closely with government institutions and policy makers,” he said.

“…to foster a more sustainable and investment-friendly environment that encourages innovation, meets customer needs and ensures we can compete fairly and effectively in a rapidly evolving digital landscape,” he said. he added.

The listed telecom company reported a total subscriber base of 8.46 crore at the end of the third quarter, 3.1 per cent higher than that of the same quarter of the previous year.

Of this, 4.93 crore, or 58 per cent, subscribers use internet services.

The growth in subscribers was offset by the decline in average revenue per user of 7.5 percent due to unrest and harsh weather conditions.

GP’s earnings per share (EPS) stood at Tk5.59 in the third quarter, compared to Tk5.53 in the same quarter of 2023.

During the nine-month period of 2024, EPS was Tk21.88, compared to Tk20.15 in the first three quarters of the previous year.