Omantel posts record net income for first quarter

Omantel has posted record net income of OMR38.4 million (USD99.7 million) for the first quarter of 2008, up 60% year-on-year and comfortably ahead of analyst expectations. The result reflects a 15% increase in revenue to OMR98.2 million for the three months, and a 3% fall in operating expenses to OMR57 million. Shares in the company jumped almost 7% to their highest level since 2005.