Omantel Q4 Net Profit Falls 11%

The former monopoly made a net profit of 26.5 million rials ($68.8 million) in the last quarter of 2014.



Oman Telecommunications (Omantel) reported an 11 percent fall in fourth-quarter profit on Sunday, according to Reuters calculations, missing analysts’ estimates as it ended a run of five straight quarters of rising earnings.

The former monopoly made a net profit of 26.5 million rials ($68.8 million) in the three months to Dec. 31, down from 29.7 million rials in the year-earlier period, Reuters calculated based on Omantel’s financial statement.

Two analysts polled by Reuters forecast Omantel would make a fourth-quarter profit of 31.1 million rials and 31.3 million rials respectively.

Omantel, which competes with Ooredoo Oman, made an annual profit of 122.4 million rials in 2014, up from 119.3 million rials in 2013, it said in its financial statement.

Omantel also hosts two mobile virtual network operators (MVNOs) Friendi and Renna and owns a controlling stake in Pakistan’s Worldcall.

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