Omantel Q1 profit falls 19.8pc to $67.5m
Muscat, May 9, 2011
First-quarter net profit at Oman Telecommunications Co (Omantel) fell 19.8 percent, the company said in a statement, ahead of releasing full financial results later in the week.
The former monopoly reported a first-quarter profit of 26 million rials ($67.53 million), in line with analyst estimates, but down from 32.4 million rials in the year-earlier period.
Analysts polled by Reuters had expected the firm to post a quarterly profit of 26.2 million rials. Revenue rose 0.8 percent in the quarter ending March 31, the statement said, from the prior-year period. The company will release full quarterly results on May 11. - Reuters