Omantel board approves first quarter result, profit falls on higher royalty

Muscat: Oman Telecommunications Company (Omantel) said that the company’s board has approved its first quarter result.
The company’s revenue reached for the three-month period stood at OMR132.6 million, while the net profit reached OMR23.8 million compared to OMR34.8 million in the same period of 2016. The decline in net profit was mainly attributed to royalty increase from 7 per cent to 12 per cent with effect from January 1, 2017, according to a company release.
The company's operating expenses witnessed an increase of 3.3 per cent from OMR61.7 million to OMR63.8 million as a result of the company's continuous investments in network modernisation.