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Oman's Nawras posts 62% jump in quarterly profit  Join our daily free Newsletter

MENAFN - 21/10/2010

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(MENAFN) Nawras, the Omani mobile phone company controlled by Qatar Telecom (Qtel), posted a 62 percent gain in third-quarter profit as the number of subscribers increased, Times of Oman reported.

Net income rose to 32.5 million, including one-off provisions, from 19.9 million a year earlier, the company said in a statement. Revenue increased 13 percent to 123.4 million.

Nawras, which started operations in 2005, has a 45 percent share of the sultanate┬┐s mobile-phone market and competes with Oman Telecommunications Co., the largest operator in Oman. The company is seeking to raise as much as 608 million by selling a 40 percent stake.

The number of mobile subscribers increased 13 percent in the quarter from a year ago, Nawras said. The penetration rate for fixed-line broadband services is between 2 percent and 10 percent in Oman, Chief Executive Officer Ross Cormack said in September.

 






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