Ooredoo Oman Q4 net profit rises 10.8 pct

1/27/2016 1:20:41 PM

(MENAFN- The Peninsula)

DUBAI: 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.

REUTERS

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