August 12, 2014 / 4:56 AM / 5 years ago

Omantel posts flat Q2 profit, beats estimates

DUBAI, Aug 12 (Reuters) - Oman Telecommunications (Omantel) reported a flat second-quarter profit on Tuesday, beating analysts’ estimates despite a drop in revenue as expenses also fell.

The former monopoly made a net profit of 31.5 million rials($81.8 million) in the three months to June 30, against 31.4 million rials in the year-earlier period, according to Reuters calculations based on its half-year financial statement.

Two analysts polled by Reuters had forecast Omantel would make a quarterly profit of about 29.6 million or 29.7 million rials.

Omantel made a profit of 65.9 million rials in the first half of 2014, up from 60.5 million rials a year ago, the statement said. Expenses fell 3.5 percent over the same period to 169.1 million rials.

Second-quarter revenue was 118.4 million rials, according to Reuters calculations. This compared with 124.7 million rials a year earlier.

Domestically, Omantel competes with Nawras, a unit of Qatar’s Ooredoo.

Omantel also hosts two mobile virtual network operators (MVNOs), Friendi and Renna, and owns a controlling stake in Pakistan’s Worldcall. (1 US dollar = 0.3850 Omani rial) (Reporting by Matt Smith; Editing by Andrew Torchia)

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