Omantel posts flat Q2 profit
Muscat, August 12, 2014
Oman Telecommunications (Omantel) reported a flat second-quarter profit on Tuesday, beating analysts' estimates despite a drop in revenue as expenses also fell.
The former monopoly made a net profit of 31.5 million rials ($81.8 million) in the three months to June 30, against 31.4 million rials in the year-earlier period, according to Reuters calculations based on its half-year financial statement.
Two analysts polled by Reuters had forecast Omantel would make a quarterly profit of about 29.6 million or 29.7 million rials.
Omantel made a profit of 65.9 million rials in the first half of 2014, up from 60.5 million rials a year ago, the statement said. Expenses fell 3.5 percent over the same period to 169.1 million rials.
Second-quarter revenue was 118.4 million rials, according to Reuters calculations. This compared with 124.7 million rials a year earlier.
Domestically, Omantel competes with Nawras, a unit of Qatar's Ooredoo.
Omantel also hosts two mobile virtual network operators (MVNOs), Friendi and Renna, and owns a controlling stake in Pakistan's Worldcall. - Reuters