Nawras Profits Fall on Higher Costs Despite Rising Customer Base
Published on: 30th Jan 2014
Note -- this news article is more than a year old.
By: Ian Mansfield
Oman based mobile network operator Nawras has reported that its fourth quarter revenues rose by 2.7 percent over the previous year although its net profit fell by 2.9 percent at the same time.
Revenue increased by 2.7% in Q4 2013 to OMR 52.8 million (USD133 million) for the fourth quarter, from OMR 51.4 million for the same period last year.
Net profit for the fourth quarter was OMR 10 million (USD25.9 million) compared with OMR 10.3 million for the same quarter in 2012, slight decline of 2.9%.
Despite higher EBITDA, net profit was affected by higher depreciation due to the investment in network modernisation and expansion.
The total customer base grew by 9.3% or 203,797 to just under2.4 million by end of 2013.
Commenting on the results Sayyid Amjad Al Busaidi, Chairman of Nawras said: "During 2013, Nawras has successfully continued to make big performance achievements despite the highly competitive market environment."