Nov 13 2011 |
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Omantel 3Q Profit +25% At OMR28M Vs Yr Earlier On Subscriber Adds
Sunday, Nov 13, 2011
(This item was originally published Saturday.)
DUBAI (Zawya Dow Jones)--Oman Telecommunications Co. (OTEL.ON), or Omantel , the country's biggest telecom operator, Saturday posted a 25% rise in third-quarter profit to 28 million Omani rials ($72.8 million) from a year earlier as the telco added more subscribers.
The third-quarter result compares to the OMR27.2 million that analysts at Muscat-based Gulf Baader Capital Markets had penciled in. It fell slightly short of the OMR29 million forecast by Cairo-based investment bank EFG-Hermes.
Revenue for the three-month period increased 13% year-on-year to OMR109.9 million, from OMR97.4 million, said Omantel .
Al-Rawas added that the telco has increased its expenses by 9% compared to the same period a year earlier, as it expanded the reach of its network, and built more international submarine cables.
Omantel 's main competitor in the local market is Nawras, a unit of Qatar Telecom QSC (QTEL.DO).
Omantel shares closed flat Nov. 3 at OMR 1.186. The telco last traded before a holiday to mark the Muslim feast of Eid al-Adha.
-By Shereen El Gazzar, Dow Jones Newswires; +9714 446 1684; Shereen.elgazzar@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
13-11-11 0402GMT
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