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FINANCIAL NEWS
Omantel Q2 net profit USD75.3m
10 Aug 2011
(MENAFN) Oman Telecommunications Co (Omantel) said that as a result of growing expenses, in the second quarter, the company’s net profit reached USD75.3 million, slightly unchanged from 2010’s USD74 million, reported Arab News.
The company added that the increase in expenses resulted from new 200 recruitments and higher worker’s benefits, where total expenses grew by 9.4 percent in the first half reaching USD424.8 million compared with USD388 million in the same period in 2010.
It also said that in the first six months of 2011, net profit reached USD142 million down from USD158 million in the first half of 2010.
It is worth noting that 70 percent stake of Omantel is owned by the government.
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