April 23, 2018 / 12:24 PM / a month ago

Bharti Infratel fourth-quarter profit misses on drop in tenancies

(Reuters) - Indian telecom tower company Bharti Infratel Ltd on Monday posted a 1.6 percent rise in fourth-quarter profit, but missed analysts’ estimate, hurt by loss in tenancies as mobile carriers in the country either shut down or consolidated their operations.

Telecommunication towers are pictured through hanging flower pots at a residential building in Kolkata December 11, 2012. REUTERS/Rupak De Chowdhuri/Files

The company's profit came in at 6.06 billion rupees ($91.24 million) in the quarter ended March 31, compared with 5.97 billion rupees a year earlier, the company said (read here).

Analysts on average expected the company to post a profit of 6.38 billion rupees, Thomson Reuters data showed.

The company lost 22,134 co-locations during the year, Bharti Infratel added.

($1 = 66.4150 Indian rupees)

Reporting by Jessica Kuruthukulangara in Bengaluru; Editing by Sherry Jacob-Phillips

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