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Thu 14 Apr 2016 04:35 PM

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Ooredoo Oman reports 17.8% jump in Q1 net profit

Country's No 2 telecom operator has posted rising profits in six of the preceding eight quarters

Ooredoo Oman reports 17.8% jump in Q1 net profit

Ooredoo Oman, the sultanate's No.2 telecom operator, reported a 17.8 percent rise in first-quarter net profit on Thursday, its seventh rise in nine quarters.

The firm, majority-owned by Qatar's Ooredoo, made a net profit of 12.6 million rials ($32.73 million) in the three months to Mar. 31, it said in a statement. This compares with a profit of 10.7 million rials in the year-earlier period.

Gulf Baader Capital Markets forecast Ooredoo Oman would make a quarterly profit of 10.9 million rials.

Ooredoo Oman, which ended Oman Telecommunication Co's (Omantel) monopoly in 2005, had reported rising profits in six of the preceding eight quarters.

First-quarter revenue was 66.1 million rials. This compares with 59.3 million rials a year earlier, the statement added.

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