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FINANCIAL NEWS
Omantel reports USD75.6m profit in Q1 profit
03 May 2012
(MENAFN) Oman’s former monopoly Oman Telecommunications (Omantel) saw a 13 percent growth in quarterly profits, as costs of operations dropped, Bloomberg reported.
The company said it made USD75.6 million net profit during the first quarter, up from USD66.8 million a year earlier.
Omantel also reported 0.4 percent increase in revenue to USD287.75 million during the quarter, adding that costs dropped by 3.6 percent to USD206.16 million.
In February, the telecom operator unveiled plans to spend USD217.5 million to upgrade its network this year.
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