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Wed 9 Feb 2011 01:09 PM

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Omantel Q4 profit climbs 50%, beats forecast

Telecoms operator made a profit of OR29m in the three months ending December 3

Omantel Q4 profit climbs 50%, beats forecast
PROFIT JUMP: Oman Telecommunications Co posted a 50 percent jump in quarterly net profit on Wednesday

Oman Telecommunications Co posted a 50 percent jump in quarterly net profit on Wednesday, beating analysts average expectations.

The telecoms operator made a profit of OR29m ($75m) in the three months ending December 31, according to Reuters calculations, compared with OR19.3m in the comparable period one year earlier.

Analysts polled by Reuters had estimated an average fourth quarter profit of OR22.4m.

Omantel's full year profit stood at OR112m, down from OR125.2m in 2009, it said in a statement.

It did not provide quarterly data. Reuters calculated fourth quarter results from previous financial statements. Omantel reported a nine-month profit of OR83m to the end of September.

State-controlled Omantel's monopoly on the telecommunications market in Oman was broken in 2006 by Nawras, a unit of Qatar Telecommunications, which listed shares on the exchange MSI in October.

In November, Omantel said it would seek shareholder approval to serve as a guarantor to obtain funding for struggling Pakistani unit Worldcall in which the operator has a 56.8 percent stake.

Omantel shares rose 0.08 percent on the Muscat bourse.

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