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Omantel Q3 Net Profit Rises 3.1%, Meets Estimates

Omantel Q3 Net Profit Rises 3.1%, Meets Estimates

The company made a net profit of OMR30 million ($77.9 million) in the three months to Sept. 30, up from OMR29.1 million in the year-earlier period.

Oman Telecommunications (Omantel) reported a 3.1 per cent rise in third-quarter profit on Monday, according to Reuters calculations, meeting analysts’ expectations.

The former monopoly made a net profit of OMR30 million ($77.9 million) in the three months to Sept. 30, up from OMR29.1 million in the year-earlier period, Reuters calculated from financial statements.

Two analysts polled by Reuters forecast Omantel would make a quarterly profit of between OMR30.15 million and OMR30.85 million.

Net profit for the first nine months of 2014 was OMR95.9 million up from OMR89.6 million in the corresponding period of last year, Omantel said in a bourse filing.

Third-quarter revenue was OMR119 million, Reuters calculated. This compares with OMR112.3 million a year ago.

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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