Omantel net profit rises by nine per cent

Business Wednesday 13/July/2016 13:08 PM
By: Times News Service
Omantel net profit rises by nine per cent

Muscat: Oman Telecommunications Company (Omantel), announced the company’s preliminary unaudited financial results for the second quarter ended on June 30, 2016.
The group’s net profit is OMR66.8 million compared to OMR61.3 million in 2015, an increase of 9 per cent. The net profit is propelled by strong domestic performance, which witnessed an impressive revenue growth of 6.7 per cent contributed mainly by revenues from fixed and mobile broadband services and submarine capacity sales.
The group revenue recorded a growth of 5.9 per cent to OMR271.6 million compared to OMR256.6 million in the corresponding period of 2015. Cost of sales increased by 7.9 per cent, while operating expenses recorded a decrease of 2.4 per cent for the period.
The above results are unaudited and subject to approval of the board. The final results will be released after the approval of the Board of Directors meeting, which is scheduled on August 7, 2016.