Aug 24 2011 |
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Pakistan unit to break even by year-end: Omantel CEO
Omantel 's loss-making Pakistan subsidiary WorldCall Telecom Limited (WTL) is likely to break even by the end of this year, according to Dr Amer al Rawas, chief executive officer of Omantel .Addressing investors and analysts at the Muscat Securities Market (MSM) on Tuesday, Rawas said that the ailing WTL is already showing signs of improvement. "With the completion of US$70mn in funding soon, WTL is expected to break even by the end of this year," Rawas said.
In March this year, WTL received a US$35mn loan from Askari Bank in Pakistan against a corporate guarantee provided by Omantel . In 2008, Omantel acquired a majority stake of 56.8 per cent in WTL for RO72mn as part of its diversification strategy.
Total revenue of WTL declined by 16 per cent to RO3.3mn in the first half of this year mainly due to rate reductions in the long distance and international (LDI) business. "Of the total funding, US$35mn will be invested in improving company infrastructure and other things such as modernising systems," Rawas said.
© Muscat Daily 2011
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