FINANCIAL NEWS

Omantel Q1 net profit down 18.7% to USD67.3

09 May 2011

(MENAFN) Oman Telecommunications Company (Omantel) CEO, Amer Awadh Al Rawas, stated that the company’s net profit dropped 18.7 percent to USD67.3 million in this year’s first quarter, compared to USD82.9 million year on year, reported Times of Oman.

Al Rawas also said the decrease in profit was due to the company’s large scale infrastructure investments which increased expenses by 10 percent to USD214.24 million from USD194.30 million.

The CEO of Oman’s largest telecommunication service provider added that although its profits went down, Omantel’s revenue climbed to USD288.86 million up from USD286.52 million in last year’s first quarter.

It is worth noting that Omantel’s customer base grew 4 percent to 3.25 million in the first quarter of 2011. The company said that it’s making developments to meet the demands of the growing number of customers.

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