Omantel annual profit up marginally

Oman Telecommunications (Omantel) reported a 2.6 percent rise in annual profit on Wednesday.

The former monopoly made a net profit of 119.3 million rials ($309.87 million) in 2013, up from 116.2 million rials in 2012, the company said in a statement.

Omantel made a fourth-quarter profit of 29.7 million rials, up from 26.2 million rials in the same period of 2012, Reuters calculated, based on the company’s previous reports.

EFG Hermes expected Omantel to earn 33.4 million rials in the quarter while Gulf Baader Capital Markets forecast Omantel’s profit would be 27.6 million rials.