Omantel reports 67 per cent drop in fourth quarter profits

16 February 2009
Omantel, the state-owned former telecoms monopoly in Oman, has reported a 67 per cent fall in net profits in the fourth quarter of 2008.

In results published on 15 February, Omantel disclosed that it made a net profit of RO9.8m ($25.5m) in the last three months of 2008, compared with RO29.4m in the same period of 2007.

Omantel blamed the sharp fall in profits on an impairment charge at its Pakistani subsidiary Worldcall Telecom. This reduced the group's net profits by RO18.9m.

Omantel's net profits for the year were up 4.2 per cent at RO117m. The company's full-year revenues were up 17 per cent at RO428m.

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