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FINANCIAL NEWS
Omantel logs 11 percent net profit decline in Q4
16 Feb 2015
(MENAFN) Oman Telecommunications (Omantel) logged an 11 percent decline in the fourth quarter of 2014. The decrease came after five successive quarters of increased profits, Arabian Business reported.
Omantel, the former monopolist in the telecommunication market in Oman, registered a net profit of USD68.8 million in the fourth quarter, a decrease from USD76.94 million year-on-year.
The Telecommunication Company is predicted to make an USD80.57 million profit in the fourth quarter and USD81.09 million respectively, according to Reuters’ forecast.
Omantel, which is now competing against Ooredoo Oman, made a USD317.11 million annual profit in 2014, compared to USD309 million in 2013.
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