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Omantel Q4 net profit falls 11pc

MUSCAT, February 15, 2015

Oman Telecommunications (Omantel) reported an 11 per cent fall in fourth-quarter profit on Sunday, according to Reuters calculations, missing analysts' estimates as it ended a run of five straight quarters of rising earnings.

The former monopoly made a net profit of OR26.5 million ($68.8 million) in the three months to December 31, down from OR29.7 million in the year-earlier period, Reuters calculated based on Omantel's financial statement.

Two analysts polled by Reuters forecast Omantel would make a fourth-quarter profit of OR31.1 million and OR31.3 million  respectively.

Omantel, which competes with Ooredoo Oman, made an annual profit of OR122.4 million in 2014, up from OR119.3 million in 2013, it said in its financial statement.

Omantel also hosts two mobile virtual network operators (MVNOs) Friendi and Renna and owns a controlling stake in Pakistan's Worldcall.  - Reuters




Tags: Oman | Telecom | Omantel |

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