MUSCAT: Ooredoo Oman net profit reported 22 percent rise in first quarter of 2015 as revenue and its subscriber base increased.
The firm, majority-owned by Qatar’s Ooredoo, made a net profit of OMR10.7 million ($27.8 million) in the three months to March 31, up from OMR8.8 million in the year-earlier period.
Gulf Baader Capital Markets forecast Ooredoo Oman would make a quarterly profit of OMR10.5 million.
Chief Executive Greg Young told Reuters last September that Ooredoo Oman was reaping the rewards of heavy investment in its network over the past few years. It has reported rising profits in four of the preceding six quarters, but before that profits fell for seven straight quarters.
First-quarter revenue was OMR59.3 million, the company said in a bourse statement. This compares with OMR52.7 million a year ago.
The company had 2.72 million mobile and fixed line subscribers as of March 31, up 12 per cent from a year earlier.
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