Omantel Q1 Net Profit Rises 0.6% - Gulf Business
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Omantel Q1 Net Profit Rises 0.6%

Omantel Q1 Net Profit Rises 0.6%

Omantel said its first-quarter net profit was impacted by losses at subsidiaries.

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.

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