Omantel profit falls as text messaging loses appeal
Thursday, 14 February 2013
DUBAI: Oman Telecommunications (Omantel) reported a 10 percent fall in fourth-quarter profit, missing analysts’ estimates as revenue from text messages and international calls declined.
Omantel made a net profit of 26.19m rials ($68.03m) in the three months to December 31, down from 29.2m rials in the year-earlier period.
The former monopoly’s profit drop follows a prolonged slump at smaller rival Nawras, a unit of Qatar Telecom (Qtel), as Internet-based services including instant messaging and Voice-Over-IP phone (VoIP) calls hurt margins.Reuters
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