Omantel Q2 profit falls 19pc
Muscat, August 11, 2010
Oman Telecommunications Company (Omantel) posted a 19-per cent drop in second-quarter net profit, missing analysts forecasts, as its operating costs rose.
The national telecoms provider made a profit of RO28.56 million ($74.18 million) in the three month period ending in June, according to Reuters calculations based on previous statements, compared with RO35.1 million for the same period in 2009.
Analysts polled by Reuters had estimated an average second quarter profit of 33.04 million rials.
The company's operating expenses rose 25 per cent in the first half of 2010, according to a statement posted on the bourse web site, without elaborating.-Reuters