Broadband revenue boosts Omantel profit
Dubai, November 12, 2013
Oman Telecommunications (Omantel) reported a 3.9 percent rise in third-quarter profit on Tuesday, beating analyst estimates as broadband revenue increased.
The former monopoly made a net profit of 29.1 million rials ($75.58 million) in the three months to September 30, up from 28 million rials in the year-earlier period, the company said in a statement.
Analysts polled by Reuters on average forecast Omantel would make a quarterly profit of 27.8 million rials.
Third-quarter revenue was 112.3 million rials. This compares with 108.4 million rials a year ago.
For the first nine months of 2013, Omantel's mobile broadband subscriber base increased by 49 percent from a year earlier as revenue from this segment rose 64 percent.
Fixed broadband subscribers increased by 33 percent over the same period, leading to a 35 percent revenue rise from these customers.
Domestically, Omantel competes with Nawras, a unit of Qatar's Ooredoo.
Omantel also hosts two mobile virtual network operators (MVNOs), Friendi and Renna. Including these firms' subscribers, Omantel had a 59 percent share of Oman's mobile sector. Omantel also owns a controlling stake in Pakistan's Worldcall. - Reuters