(MENAFN- Muscat Daily) Ooredoo Oman reported a 16.2 per cent year-on-year growth in net profit for the second quarter ended June 30 2015.
the corresponding period last year according to preliminary results disclosed to the MSM.
Revenues increased 12.8 per cent to RO62.6mn from RO55.5mn a year earlier. Ebitda rose 14.9 per cent to RO34.7mn.
Ooredoo said its second quarter net profit was impacted as the income tax for the period includes an additional charge of RO900000 on account of tax years 2008 to 2013.
At the end of the latest second quarter Ooredoo Oman's total mobile and fixed customers stood at 2.75mn up 11.4 per cent from 2.47mn a year earlier.
The telco's second-quarter earnings came in above Gulf Baader Capital Market's (GBCM) estimates of RO11mn.
'Ooredoo has been consistently reporting strong numbers since the beginning of this year. The results are positive as both revenues and bottom line are above our expectations. We estimated around RO59.4mn in revenue and RO11mn in net profit for the second quarter' said Kanaga Sundar head of research at GBCM. 'Our view is that Ooredoo has been going through an investment phase and that is paying off now. It is continuing to perform well.'
Ooredoo shares rose 2.07 per cent on Tuesday on the MSM.
'We have a positive view on the Ooredoo stock and we see fair value around 828bz. So we see the scrip holding more upside potential' added Sundar.
For the six-month period ended June 30 2015 Ooredoo's net profit jumped 18.7 per cent to RO22.2mn from RO18.7mn in the corresponding period last year. Revenues rose to RO121.9mn from RO108.3mn.
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