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FINANCIAL NEWS
Oman’s Nawras reports USD26.8m profit in Q4
28 Jan 2013
(MENAFN) Nawras, the Omani unit of Qtel, reported a 13.4 percent decline in quarterly profits on lower revenue from texts and on-network calls, Reuters reported.
The company said it made USD26.75 million net profit during the fourth quarter ended December 31, down from USD30.8 million a year ago.
Nawras also reported USD133 million revenue for the quarter, up from USD131.5 million a year earlier.
The company said internet-based services such as instant messaging and Voice-Over-IP phone (VoIP) calls have impacted profit margins as expatriates have increasingly shifted away from conventional calls and texts to contact home.
For the full-2012, Nawras reported USD95.75 million profit, a 22.1 percent drop from 2011, while revenue fell by 1.7 percent to USD500.73 million.
The profit slump comes even while Nawras’s customer base increased 11 percent to 2.2 million.
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