Omantel misses forecasts with 5.8% profit drop

Omani telecom posts Q3 net income of $83.4mn, down from $88.6mn in year-earlier period.

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By  Ola Galal Published  November 2, 2008

Omani telecom Omantel missed most analysts' forecasts with a 5.8 percent decline in third-quarter profit to 32.10 million rials ($83.38 million).

The company made 106.90 million rials in the nine months ended Sept. 30, compared with 82.60 million rials in the same period a year earlier, it said in a statement on Sunday, without giving quarterly data.

Newswire Reuters calculated quarterly data based on earlier financial statements.

Analysts' forecasts for Omantel's quarterly profit ranged from 31.9 million rials and 37.75 million rials in a Reuters net profit survey in September.

Omantel posted first-half net profit of 74.8 million rials and 34.09 million rials in the third quarter of 2007. (Reuters)

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