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Summary Box: Bharti Airtel profit down 28 percent

Wednesday - 5/2/2012, 12:43pm  ET

By The Associated Press

(AP) - HUNG UP: Quarterly profit for India's Bharti Airtel mobile phone company fell a worse-than-expected 28 percent from a year earlier, squeezed by competition and costs.

WRONG NUMBERS: Bharti, India's largest mobile carrier, said foreign-exchange losses, tax provisions and costs for interest and amortization of its hefty 3G spectrum bill were higher than expected.

STATIC ON THE LINE: In February, India canceled 122 telecom licenses, saying the way they were handed out cost the country billions in lost revenue. The country's telecom regulator wants to resell the 2G spectrum at prices about 10 times higher than before.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)