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)

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