Broadband Revenue Boosts Omantel’s Q3 Profit

Omantel reported a net profit of 29.1 million rials in the three months to September 30, up from 28 million rials in the year-earlier period.



Oman Telecommunications (Omantel) reported a 3.9 per cent rise in third-quarter profit on Tuesday, beating analyst estimates as broadband revenue increased.

The former monopoly made a net profit of 29.1 million rials ($75.58 million) in the three months to September 30, up from 28 million rials in the year-earlier period, the company said in a statement.

Analysts polled by Reuters on average forecast Omantel would make a quarterly profit of 27.8 million rials.

Third-quarter revenue was 112.3 million rials. This compares with 108.4 million rials a year ago.

For the first nine months of 2013, Omantel’s mobile broadband subscriber base increased by 49 per cent from a year earlier as revenue from this segment rose 64 per cent.

Fixed broadband subscribers increased by 33 per cent over the same period, leading to a 35 per cent revenue rise from these customers.

Domestically, Omantel competes with Nawras, a unit of Qatar’s Ooredoo.

Omantel also hosts two mobile virtual network operators (MVNOs), Friendi and Renna. Including these firms’ subscribers, Omantel had a 59 per cent share of Oman’s mobile sector. Omantel also owns a controlling stake in Pakistan’s Worldcall.

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