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FINANCIAL NEWS
Oman’s Nawras Q2 net profit down 13% to USD26m
29 Jul 2011
(MENAFN) Nawras Telecommunication Co. said that as a result of its fixed line unit’s growing operating costs and expenses, the Omani firm’s net profit dropped 13 percent in the second quarter to USD26 million from USD29.7 million in last year’s same quarter, reported Reuters.
The company added that in the quarter, revenue went up reaching USD126 million with an increase of 6 percent from the second quarter in 2010, on the other hand, the company planned to invest USD362.6 million on capital expenditure this year and the past year.
It also said that in 2010, the company raised USD471 million from an initial public offering (IPO) that was priced at the bottom of its range at USD1.8 a share.
It is worth noting that Oman’s second largest mobile operator’s earnings reached USD57 million in the year’s first half down from USD65.5 million in last year’s same period.
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