Omantel posts decline in net income

Omantel has posted second-quarter net income of OMR28.6 million (USD74.2 million), a fall of 19% year-on-year and below analyst expectations. The decline comes on the back of a 25% increase in operating expenses during the first half of 2010. Sales meanwhile stood at OMR218.4 million for the first half of the year, up from OMR198.5 million in 2009. According to TeleGeography’s GlobalComms Database, the state of Oman, which owns 70% of Omantel, sought to divest a 25% stake in the operator in 2008 but halted the process due to the economic downturn. The country’s economy minister said in January that the plan could be revived in 2010.