(MENAFN- Gulf Times) Oman Telecommunications (Omantel) reported a 1.8% fall in third-quarter profit yesterday as rising expenses and depreciation costs outweighed higher revenue.
The former monopoly made a net profit of 29.4mn rials ($76.37mn) in the three months to September 30, it said in a stock exchange filing.
This compared with a profit of 30.0mn rials in the year-earlier period. Omantel has now reported falling profits in three of the past four quarters.
Two analysts polled by Reuters forecast Omantel would make a third-quarter profit between 26.6mn rials and 28.2mn rials.
Third-quarter revenue was 126.7mn rials, Omantel said in a statement. This compares with 119.0mn rials a year ago.
Staff costs, operating and maintenance expenses and depreciation of property, plant and equipment totalled 58.1mn rials in the third quarter, up from 52mn rials in the prior-year period according to Reuters calculations.
Shares in Omantel, which competes with Ooredoo Oman, ended 0.3% lower, slightly underperforming Muscat's index which fell 0.2%.
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