Omantel posts 18% increase in Q1 net profit

May 10, 2014 11:46 am

Oman Telecoms Co (Omantel) has said its first-quarter net profit rose 18.1% to OR34.4m, compared with OR29.1m in the same period a year earlier, Muscat Daily has reported. Revenue for the quarter were up 5% to OR120.2m from OR114.5m, Omantel said. The rise in net profit was the result of growth in the company’s operations, especially wholesale – which has jumped by 29%, it said. Group operating expenses fell 0.9% to OR83.1m from OR83.9m, due to several cost-optimisation initiatives carried out by the company, the firm said.