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Ooredoo Oman Q4 Profit Falls 17%

Ooredoo Oman Q4 Profit Falls 17%

The firm made a net profit of OMR8.3 million ($21.6 million) in the last quarter of 2014.

Ooredoo Oman (Nawras), the sultanate’s second biggest telecommunications operator, reported a 17 per cent fall in fourth-quarter profit on Thursday.

The firm, majority-owned by Qatar’s Ooredoo, made a net profit of OMR8.3 million ($21.6 million) in the three months to Dec. 31, down from OMR10 million in the year-earlier period.

Gulf Baader Capital Markets had forecast Ooredoo Oman would make a quarterly profit of OMR10.55 million.

Chief executive Greg Young told Reuters in September that Nawras was reaping the rewards of heavy investment in its network over the past few years. It reported rising profits in four of the preceding five quarters, but before that profits fell for seven straight quarters.

Fourth-quarter revenue was OMR60.3 million, the company said in a statement. This compares with OMR52.78 million a year ago, according to Reuters calculations.

Nawras, which ended Oman Telecommunication Co’s (Omantel) monopoly in 2005, made an annual profit of OMR37.9 million in 2014, up from OMR33.14 million in 2013.


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