Oman Nawras Q2 profit falls 3pc
Dubai, July 30, 2012
Oman's No. 2 telecoms operator, Nawras, reported a 3 percent drop in second-quarter net profit on Monday, missing analysts' estimates as revenue fell and depreciation costs rose.
The firm, majority-owned by Qatar Telecom (Qtel), made a net profit of 9.7 million rials ($25.2 million) in the three months to June 30, down from 10 million rials in the year-earlier period.
Two analysts polled by Reuters on average forecast Nawras, which ended Oman Telecommunications Co's (Omantel) monopoly in 2005, would make a quarterly profit of 11 million rials.
Quarterly revenue was 48.4 million rials, Nawras said in a statement. This compares with 48.8 million rials a year ago.
Half-year net profit was 19.5 million rials, down from 22.1 million rials for the corresponding period of 2011.
"Net profit for the year is affected by higher depreciation cost and by lower EBITDA (earnings before interest, taxes, depreciation and amortisation) partially offset by lower interest cost," Nawras said in a statement to the Oman bourse.
Nawras had 2.03 million fixed and mobile subscribers as of June 30, up 4.4 percent from a year earlier. - Reuters