Feb 08 2012 |
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Omantel 4Q Net Profit Rises As Pakistani Unit Makes Gains
Wednesday, Feb 08, 2012
(This story was originally published Tuesday.)
DUBAI (Zawya Dow Jones)--Oman Telecommunications Co. (OTEL.ON), the country's biggest telecom operator, said Tuesday that fourth-quarter net rose 10% on the year to 30 million Omani rials ($78 million), as the telco's Pakistani unit began to make a profit.
The fourth-quarter net profit exceeded the OMR26.60 million that analysts at Muscat-based Gulf Baader Capital Markets had penciled in.
"The strategic plan to bring our subsidiary in Pakistan, WorldCall, to profit has been fruitful," Omantel Chief Executive Amer Awadh Al Rawas said in the statement. "The company [WorldCall] has been able not only to reach the break-even point but also to make profit of $3.4 million despite the tough market conditions in Pakistan."
Omantel said its total subscribers rose 6% on the year to 3.530 million subscribers by the end of 2011. Omantel Mobile, the company's mobile business arm, has increased its subscribers by about 7% with the number reaching 2.28 million.
Nawras is Omantel 's main competitor in the local market.
Omantel said that its 3.5G network investments caused mobile and fixed broadband customers to increase by 51% and 16% on the year, respectively, by the end of December 2011.
Omantel shares Tuesday closed flat at OMR1.322.
-By Shereen El Gazzar, Dow Jones Newswires; +971 444 61684; Shereen.elgazzar@dowjones.com
(END) Dow Jones Newswires
08-02-12 0408GMT
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