Omantel Q2 net profit rises 19.9 per cent

July 13, 2016 4:53 pm

Oman Telecommunications (Omantel) reported a 19.9 per cent rise in second-quarter profit on Wednesday, according to Reuters calculations.


The former monopoly made a net profit of OMR32 million ($83.1m) in the three months to June 30, Reuters calculated using previous financial statements in lieu of a quarterly breakdown. This compares with a profit of OMR26.7m in the year-earlier period.


EFG Hermes had forecast the company would make a net profit of OMR29.4m, while Gulf Baader Capital Markets had forecast a net profit of OMR28.5m.


Omantel’s net profit for the first six months of 2016 was OMR66.8m, 9 per cent higher than the OMR61.3m it made in the corresponding period last year, according to the bourse statement. ($1 = OMR0.3850)


By Reuters
A division of Thomson Reuters, Reuters is an international news agency headquartered in London, England, and provides up-to-the-minute news and views on global and regional events.