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Oman Telco Nawras Q4 Profit Falls 3%

Oman Telco Nawras Q4 Profit Falls 3%

The firm, majority-owned by Ooredoo, made a net profit of OMR10 million.

Oman’s second biggest telecommunications operator, Nawras, reported a three per cent fall in fourth-quarter profit on Thursday, citing higher depreciation costs linked to investment in network modernisation and expansion.

The firm, majority-owned by Ooredoo, made a net profit of OMR10 million ($25.97 million) in the three months to Dec. 31, down from OMR10.3 million in the year-earlier period, it said in a bourse statement.

It reported declining profits in seven of the previous eight quarters.

Gulf Baader Capital Markets had forecast Nawras, which ended Oman Telecommunication Co’s (Omantel) monopoly in 2005, would make a quarterly profit of OMR8.54 million.

Revenue for the quarter increased to OMR52.8 million, up 2.7 per cent from the corresponding period in 2012.

Nawras made a full-year profit for 2013 of OMR33.1 million, down from OMR37 million in 2012. Annual revenue rose four per cent to OMR202 million.

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