Sci & Tech

MCI Profit Announced

MCI Profit Announced
MCI Profit Announced

The general assembly of the Mobile Telecommunication Company of Iran (Hamrah-e-Aval or MCI) met last week to assess the financial statements and the profit of the company in the last fiscal year (ended March 20), Digiato reported.

The retained earnings of MCI in the previous fiscal year was 24.8 trillion rials ($877m at official exchange rate).

Of the overall amount, 22.5 percent – 3.2 trillion rials ($113 million) – was paid as taxes. The remaining amount was split between shareholders; each share yielded 5,410 rials ($0.2) dividend by the end of the year.

The last price for the company's share under ticker symbol of "Hamrah" registered at 32,000 rials ($1.12), which along with annual dividend of 5,410 rials ($0.2) per share, accounted for 17 percent of share value.

During the past year, the Tehran Stock Exchange had a general downward trend. But MCI planned to upgrade its network to 3G, and made hefty investments to upgrade its facilities.  

Following the rise of mobile messaging applications such as Viber and WhatsApp which were well received by the public, and also due to the approval of the Regulations Committee for decreasing mobile data tariffs, the company's revenues from calls, text messages, and internet usage decreased last year.   

In spite of these conditions, it can be concluded that the company has performed moderately well during the previous fiscal year based on profits shareholders received.

According to the CEOs of MCI and Irancell, Vahid Sadoughi and Alireza Ghalambor Dezfouli, nearly 50 percent of the revenues of the two companies go to the treasury.