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Omantel Q2 profit falls 15.5pc

Trade Arabia

Oman Telecommunications (Omantel) reported a 15.5 per cent fall in second-quarter net profit on Thursday.

The former monopoly made a net profit of OR26.7 million ($69.35 million) in the three months to June 30, down from OR31.6 million rials in the year-earlier period, according to Reuters calculations based on Omantel’s earnings statement.

It had reported rising profits in six of the preceding seven quarters.

EFG Hermes and Gulf Baader Capital Markets had forecast Omantel would make a quarterly profit of OR30.25 million and OR29.20 million respectively.

The operator’s net profit for the first half of 2015 was OR61.3 million, down from OR65.9 million a year earlier, it said in a bourse filing.

In a separate statement, Omantel said Oman’s regulator had amended a fine imposed on the company so that it now must pay a penalty of OR1 million in cash and also spend OR2 million to provide phone and broadband services in certain rural areas of the country. The company did not provide further details.

Omantel’s second-quarter revenue was OR127.2 million, according to Reuters calculations. This compares with OR118.4 million a year ago.

Omantel, which competes with Ooredoo Oman, also owns a stake in Pakistan’s Worldcall.  – Reuters

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