Oman Telecom Q4 net drops 67% on impairment loss

MISSED CALL: Omantel booked impairment losses related to a Pakistani investment. (Getty Images)

Oman Telecommunications Co (Omantel) posted a 66.9-percent drop in fourth-quarter net profit to about 9.744m rials ($25.31m) as it booked impairment losses related to a Pakistani investment.

Omantel's full-year net profit attributable to shareholders rose 4.2 percent to 116.714m rials ($303.16m) compared with 112.032m rials in 2007, Omantel said in a statement, without giving quarterly data, which Reuters calculated from previous financial statements.

Omantel said it booked 18.88m rials of impairment losses on investments in its Worldcall Telecom Ltd unit.

Two analysts had forecast Omantel would post quarterly profit 33.8m rials and 35.8m rials in a Reuters net profit survey last month.

Omantel earned 106.97m rials in the first nine months of 2008 and 29.46m rials in the fourth quarter of 2007. (Reuters)

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