Font Size

- Aa +

Thu 30 Jan 2014 02:08 PM

Font Size

- Aa +

Oman's Nawras posts 3% fall in Q4 net profit

Oman's second biggest telco has reported declining profits in seven of previous eight quarters

Oman's Nawras posts 3% fall in Q4 net profit

Oman's second biggest telecommunications operator, Nawras, reported a 3 percent fall in fourth-quarter profit on Thursday, citing higher depreciation costs linked to investment in network modernisation and expansion.

The firm, majority-owned by Ooredoo, made a net profit of OR10 million ($25.97 million) in the three months to December 31, down from OR10.3 million in the year-earlier period, it said in a bourse statement.

It reported declining profits in seven of the previous eight quarters.

Gulf Baader Capital Markets had forecast Nawras, which ended Oman Telecommunication Co's (Omantel) monopoly in 2005, would make a quarterly profit of OR8.54 million.

Revenue for the quarter increased to OR52.8 million, up 2.7 percent from the corresponding period in 2012.

Nawras made a full-year profit for 2013 of OR33.1 million, down from OR37.0 million in 2012. Annual revenue rose 4 percent to OR202 million.

For all the latest tech news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.