Omantel’s Q4 profit falls 67 per cent on impairment loss

Omantel recorded a 67 per cent drop in fourth quarter net profit to OMR9.744 million (US$25.31 million) on the back of OMR18.88 million of impairment losses related to its Pakistan subsidiary Worldcall Telecom.

"Deteriorating market conditions in Pakistan due to global financial crisis had an impact on the value of strategic investment made in Pakistan," the operator said in a statement.

Omantel’s full yet profit attributable to shareholders in 2008 came to OMR116.714 million, up 4.2 per cent from OMR112.032 million a year earlier.

The company’s customer base rose 58.1 per cent to 2.955 million subscribers, with 836,000 subscribers in Pakistan. State-controlled Omantel holds 56.8 per cent of Worldcall, which also operates in Sri Lanka.