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Omantel misses forecasts with 5.8% profit drop

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Sunday, 02 November 2008
FORECASTS MISSED: Omantel posted a 5.8 percent drop in third quarter profit. (Getty Images)
FORECASTS MISSED: Omantel posted a 5.8 percent drop in third quarter profit. (Getty Images)

Omani telecom Omantel missed most analysts' forecasts with a 5.8 percent decline in third-quarter profit to 32.10 million rials ($83.38 million).

The company made 106.90 million rials in the nine months ended Sept. 30, compared with 82.60 million rials in the same period a year earlier, it said in a statement on Sunday, without giving quarterly data.

Newswire Reuters calculated quarterly data based on earlier financial statements.

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Analysts' forecasts for Omantel's quarterly profit ranged from 31.9 million rials and 37.75 million rials in a Reuters net profit survey in September.

Omantel posted first-half net profit of 74.8 million rials and 34.09 million rials in the third quarter of 2007. (Reuters)

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