By Andy Sambidge

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Omantel sees Q1 net profit slip by 15%

Oman’s telecom operator says revenues fare better, increasing in first quarter of 2010 by 12%.

By Andy Sambidge
PROFITS FALL: for Omans telecom operator Omantel in the first quarter of 2010. (Getty Images)
PROFITS FALL: for Omans telecom operator Omantel in the first quarter of 2010. (Getty Images)

Oman Telecommunications Company (Omantel) has announced that its first quarter net profit fell 15 percent, compared to the same period in 2009.

The company said in a statement on the Oman bourse website that it achieved a net profit of RO32.4m ($84.2m), compared with RO38.1m during the same period last year.

The statement added that the company achieved revenues for the first quarter of RO110.6m against RO98.8m, representing an increase of 12 percent.

The company also said that operating expenses amounted to RO75.2m representing an increase of 25 percent over last year’s corresponding period.

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