MUSCAT: Nawras, Oman's No.2 telecom operator by subscribers, reported a 35.9 percent rise in third-quarter profit on Wednesday as margins improved and revenue and its customer base increased.
The firm, majority-owned by Ooredoo, made a net profit of 10.8 million rials ($28.1 million) in the three months to Sept. 30, up from 8 million rials in the year-earlier period, according to a statement to Oman's bourse.
One analyst polled by Reuters forecast Nawras would make a quarterly profit of 10.2 million rials.
Chief executive Greg Young told Reuters in September that Nawras was reaping the rewards of heavy investment in its network over the past few years.
It has now reported rising profits in four of the past five quarters, but before that profits fell for seven straight quarters.
Third-quarter revenue was 57.8 million rials, Nawras said. This compares with 50.8 million rials a year ago.
It quarterly earnings before tax, depreciation, tax and amortisation (EBITDA) were 31.2 million rials, up 27.3 percent on a year earlier.
Nawras, which ended Oman Telecommunication Co's (Omantel) monopoly in 2005, had 2.51 million subscribers as of Sept. 30, up 6.5 percent from a year ago. (Reuters)
