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FINANCIAL NEWS
Omantel reports USD72.5m Q3 profit
14 Nov 2012
(MENAFN) Oman Telecommunications (Omantel) announced that net profit edged up slightly in the third quarter to USD72.50 million, compared with USD71 million in last year’s same period, reported Arabian Business.
The company attributed the weak growth to higher costs and losses from a Pakistani unit that offset mobile broadband gains and lower asset depreciation.
In the quarter, revenue fell to USD280.95 million, down from USD284.58 million.
The telecoms operator noted that the number of its mobile broadband subscribers soared 67 percent, to become the main reason for revenue growth in 2012, accompanied with an 8.5-percent gain in wholesale revenue.
It is worth noting that net profit during the January-September period went up 9.2 percent to USD233 million, whereas revenue grew 2.9 percent to USD887.92 million, with operating expenses rising 1.3 percent to USD640.11 million as a result of a larger wage bill and growing marketing costs and interconnection fees.
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