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FINANCIAL NEWS
Oman’s Nawras posts 62% jump in quarterly profit
21 Oct 2010
(MENAFN) Nawras, the Omani mobile phone company controlled by Qatar Telecom (Qtel), posted a 62 percent gain in third-quarter profit as the number of subscribers increased, Times of Oman reported.
Net income rose to $32.5 million, including one-off provisions, from $19.9 million a year earlier, the company said in a statement. Revenue increased 13 percent to $123.4 million.
Nawras, which started operations in 2005, has a 45 percent share of the sultanate�s mobile-phone market and competes with Oman Telecommunications Co., the largest operator in Oman. The company is seeking to raise as much as $608 million by selling a 40 percent stake.
The number of mobile subscribers increased 13 percent in the quarter from a year ago, Nawras said. The penetration rate for fixed-line broadband services is between 2 percent and 10 percent in Oman, Chief Executive Officer Ross Cormack said in September.
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