Omantel posts near-20% rise in Q2 net profit

Operator made a net profit of $83.1 million in the three months to June 30.
Oman, Oman telecoms, Omantel, Omantel posts near 20% rise in Q2 net profit, Q2 2016, Q2 results

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Oman Telecommunications (Omantel) reported a 19.9 percent rise in second-quarter profit on Wednesday, according to Reuters calculations.

The former monopoly made a net profit of 32 million rials ($83.1 million) in the three months to June 30, Reuters calculated using previous financial statements in lieu of a quarterly breakdown. This compares with a profit of 26.7 million rials in the year-earlier period.

EFG Hermes had forecast the company would make a net profit of 29.4 million rials, while Gulf Baader Capital Markets had forecast a net profit of 28.5 million rials.

Omantel's net profit for the first six months of 2016 was 66.8 million rials, 9 percent higher than the 61.3 million rials it made in the corresponding period last year, according to the bourse statement.

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