Nawras Q3 profit rises 11.1pc
Dubai, October 23, 2013
Omani telecom operator Nawras posted an 11.1 per cent rise in third-quarter profit on Wednesday as its customer base and revenue increased, marking a turnaround after the firm posted falling profits in the previous six quarters.
The firm, majority-owned by Qatar's Ooredoo, made a net profit of 8 million rials ($20.8 million) in the three months to September 30, up from 7.2 million rials in the year-earlier period.
Two analysts polled by Reuters forecast Nawras, which ended Oman Telecommunication Co's (Omantel) monopoly in 2005, would make a quarterly profit of between 7.8 and 8 million rials.
Third-quarter revenue was 50.8 million rials, Nawras said in a statement. This compares with 46.9 million rials a year ago.
The company's customer base rose 10.9 per cent to 2.36 million.
Total revenues for the first nine months of this year increased by 5 per cent and amounted to RO149.2 million compared to the same period last year.
Total net profit was RO23.1 million compared to RO26.7 million last year, which was affected by higher depreciation due to the investment in network modernisation.
Oman is the only Gulf country to have launched mobile virtual network operator (MVNO) services. Omantel hosts MVNOs Friendi and Renna, which have helped it win back customers from Nawras. - Reuters and TradeArabia News Service