Omantel posts 10.3% rise in Q4 net profit

Oman Telecommunications Co (Omantel) on Tueday reported a 10.3 percent rise in fourth-quarter net profit, beating forecasts as the majority state-owned operator's subscriber base grew.

The former monopoly made a net profit of OR30.1m ($78.2m) in the quarter, compared with a profit of 27.3 million rials in the same period a year ago, it said in an emailed statement.

Two analysts polled by Reuters forecast the firm would post a quarterly profit of between OR26.6-30m.

Omantel's total subscribers rose 6 percent to 3.53m in 2011, including those from Pakistan subsidiary Worldcall Telecommunications.

Domestic mobile subscribers, including those from mobile virtual network operators (MVNOs) hosted on Omantel's network, totalled 2.8 million at the end of 2011, giving it a market share of 58 percent, it said.

The firm's 2011 net profit was OR112.9m, up 2.3 percent from 2010.

Omantel, in which the Omani government owns 70 percent, said quarterly revenue was OR119.5m, up from OR100.8m a year earlier.

Full year revenue for 2011 was OR452.6m, up from OR416.6m in 2010.

In December, Omantel and rival operator Nawras said they were in talks with the local regulator to be assigned coveted lower-frequency spectrum to aid surging demand for mobile data.