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Wed 15 Apr 2015 04:18 PM

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Ooredoo Oman's Q1 net profit soars by 22%

Telco, majority-owned by Qatar's Ooredoo, makes quarterly net profit of $27.8m

Ooredoo Oman's Q1 net profit soars by 22%

Ooredoo Oman, the sultanate's No.2 telecom operator, reported a 22 percent rise in first-quarter net profit on Wednesday as revenue and its subscriber base increased.

The firm, majority-owned by Qatar's Ooredoo, made a net profit of 10.7 million rials ($27.8 million) in the three months to March 31, up from 8.8 million rials in the year-earlier period.

Gulf Baader Capital Markets forecast Ooredoo Oman would make a quarterly profit of 10.5 million rials.

Chief executive Greg Young told Reuters last September that Ooredoo Oman was reaping the rewards of heavy investment in its network over the past few years. It has reported rising profits in four of the preceding six quarters, but before that profits fell for seven straight quarters.

First-quarter revenue was 59.3 million rials, the company said in a bourse statement. This compares with 52.7 million rials a year ago, Reuters data showed.

The company had 2.72 million mobile and fixed line subscribers as of March 31, up 12 percent from a year earlier.

Ooredoo Oman ended Oman Telecommunication Co's (Omantel) monopoly in 2005.

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