UPDATE 2-Bahrain's Batelco profits fall, buys back bond | Reuters:
"Telecom operator Batelco , which is battling a sustained profit slump, reported a 61 percent drop in fourth-quarter earnings on Tuesday and the Bahrain-based group said it had begun buying back a $650 million bond, taking advantage of a fall in its value.
Bahrain is one of the Gulf's most competitive telecom markets, with three mobile operators, including Kuwait's Zain and about 10 internet providers vying for business among its 1.3 million people.
Declining domestic income pushed Batelco to expand abroad which led to a deal with Cable & Wireless Communications in April to buy its Monaco and Islands Division for $570 million.
But some aspects of the deal ran into regulatory problems and as a result CWC returned the $100 million Batelco paid for a stake in a holding company that ultimately owned part of Monaco Telecom."
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