Oman Telecommunications (Omantel) reported a 0.6 per cent rise in first-quarter profit on Thursday, beating analysts' estimates amid strong revenues from fixed and mobile broadband services.

The former monopoly made a net profit of RO34.8 million in the three months to Mar. 31, it said in a statement. This compares with a profit of RO34.6 million in the year-earlier period.

Analysts at EFG Hermes and Gulf Baader Capital Markets had forecast Omantel, which competes with Ooredoo Oman, would make a first-quarter profit of RO29.37 million and RO27.9 million respectively.

Omantel had reported a fourth-quarter loss, after writing off the value of its investment in a subsidiary and contributing cash to an end of service programme, as well as declining profits in three of the four prior quarters. – Reuters