Nawras suffers 20 per cent slide in net profit in Q1

Omani telco Nawras reported its first quarter revenues fell by 2.7 per cent to OMR46.8 million (US$121.6 million), while net profit also fell by 19.1 per cent to OMR9.8 million.

The company’s overall subscriber base rose by 2.4 per cent year-on-year to reach 1.99 million.

Nawras attributed the fall in revenues to a reduction in SMS revenues which was not fully compensated by growth in data revenue. In addition, revenue in Q1 2012 included a one-off accounting adjustment of OMR658,000.

“We continue to work in a highly competitive environment here in Oman. However, I am pleased to say that the number of our fixed broadband customers continues to grow significantly year-on-year at a rate of 273 per cent; furthermore we are now starting to see our mobile customer base and number of active customer also growing,” commented Nawras CEO Ross Cormack.