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Omantel Posts Flat Q2 Profit, Beats Estimates

Omantel Posts Flat Q2 Profit, Beats Estimates

Omantel made a net profit of OMR31.5 million ($81.8 million) in the three months to June 30, against OMR31.4 million in the year-earlier period.

Oman Telecommunications (Omantel) reported a flat second-quarter profit on Tuesday, beating analysts’ estimates despite a drop in revenue as expenses also fell.

The former monopoly made a net profit of OMR31.5 million ($81.8 million) in the three months to June 30, against OMR31.4 million in the year-earlier period, according to Reuters calculations based on its half-year financial statement.

Two analysts polled by Reuters had forecast Omantel would make a quarterly profit of about 29.6 million or 29.7 million rials.

Omantel made a profit of OMR65.9 million in the first half of 2014, up from OMR60.5 million a year ago, the statement said. Expenses fell 3.5 per cent over the same period to OMR169.1 million.

Second-quarter revenue was OMR118.4 million, according to Reuters calculations. This compared with OMR124.7 million a year earlier.

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

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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