Home Industry Omantel Q1 Net Profit Rises 0.6% Omantel said its first-quarter net profit was impacted by losses at subsidiaries. by Reuters April 30, 2015 Oman Telecommunications (Omantel) reported a 0.6 per cent rise in first-quarter profit on Thursday, beating analysts’ estimates despite costs rising faster than revenue. The former monopoly made a net profit of OMR34.6 million ($89.88 million) in the three months to March 31, up from OMR34.4 million in the year-earlier period, it said in a bourse filing. Two analysts polled by Reuters forecast Omantel would make a fourth-quarter profit of between OMR28.2 million and OMR29.4 million. Omantel, which had reported rising profits in five of the preceding six quarters, said its first-quarter net profit was impacted by losses at subsidiaries, but did not provide further details. First-quarter revenue was OMR129.4 million, up 7.6 per cent from a year earlier. Costs rose 11.7 per cent year-on-year to OMR92.9 million. Omantel, which competes with Ooredoo Oman, also owns a controlling stake in Pakistan’s Worldcall. 0 Comments