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India’s Bharti Airtel reports dip in profit

MUMBAI, April 28, 2010 (AFP) - India's top mobile phone company Bharti Airtel Wednesday blamed an 8.
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2-percent fall in its fourth-quarter net profit on "hyper-competition" in its domestic market.
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Net profit for the three months to March 31 fell on a 12-month basis to 20.
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55 billion rupees (46 million dollars) while revenues for the same period edged up 2.4 percent to 100.56 billion rupees, the company said.
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"Bharti continues to be strongly positioned in India, despite a hyper-competitive market," Bharti chairman Sunil Mittal said in a statement.

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A flood of new players has unleashed a cut-throat price war in India with calls now costing less than a cent a minute.

India has more than a dozen cellular operators compared with just two state-owned telecom players a decade ago.

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As it searches for new subscribers in untapped markets, Bharti announced its entry into the African market last month with a 10.

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7-billion-dollar deal to buy Kuwait-based Zain's Africa assets.

But analysts said they would continue to look at Bharti's domestic growth, as it was still unclear how Zain's acquisition would boost earnings.

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"Bharti's earnings were in line with expectations, but t

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