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Wed 27 Jan 2016 01:52 PM

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Ooredoo Oman posts 10.8% rise in Q4 net profit

Sultanate's No 2 telecom operator says it made profit of nearly $24m in three months to Dec 31

Ooredoo Oman posts 10.8% rise in Q4 net profit

Ooredoo Oman, the sultanate's No.2 telecom operator, reported a 10.8 percent increase in fourth-quarter net profit on Wednesday, its sixth rise in eight quarters.

The firm, majority-owned by Qatar's Ooredoo, made a net profit of 9.2 million rials ($23.90 million) in the three months to Dec. 31, up from 8.3 million rials in the year-earlier period, it said in a bourse statement.

Gulf Baader Capital Markets had forecast Ooredoo Oman would make a quarterly profit of 12.5 million rials.

It had reported rising profits in five of the preceding seven quarters, Reuters data shows.

Fourth-quarter revenue was 65.2 million rials. This compares with 60.5 million rials a year earlier.

Ooredoo Oman, which ended Oman Telecommunication Co's (Omantel) monopoly in 2005, made a profit of 41.6 million rials in 2015, up from 37.9 million rials in 2014.

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