Omantel third-quarter net profit rises 3.1%, meets estimates

Dubai: Oman Telecommunications (Omantel) reported a 3.1 per cent rise in third-quarter profit on Monday, according to Reuters calculations, meeting analysts’ expectations.

Net profit for the first nine months of 2014 was 95.9 million rials (Dh915 million) up from 89.6 million rials in the corresponding period of last year, Omantel said in a bourse filing. Third-quarter revenue was 119 million rials, Reuters calculated. The former monopoly made a net profit of 30 million rials in the three months to September 30, up from 29.1 million rials in the year-earlier period, Reuters calculated from financial statements. Two analysts polled by Reuters forecast Omantel would make a quarterly profit of between 30.15 million rials and 30.85 million rials. This compares with 112.3 million rials a year ago. Domestically, Omantel competes with Nawras, a unit of Qatar’s Ooredoo.