Published on: 25th Apr 2012
Oman based mobile network, Nawras has reported that its first quarter
revenues fell by 2.7% to reach OMR46.8 million, while net profit also fell by
19.1% to OMR 9.8 million.
The company’s mobile subscribe base rose by 2.4% year on year to reach 1.099
million. The growth came mainly from increases in both fixed services customers
and prepaid mobile customers.
The company said that the drop in revenues was due 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 OMR 658,000.
Commenting on the results, CEO, Ross Cormack said: “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%; furthermore we are now starting to see our mobile
customer base and number of active customer also growing. Early in Q1 2012, we
revamped our VOIP service for fixed as well as mobile customers, resulting in
real growth in our international calls. That was followed closely with a
demonstration of our 4G LTE service capabilities at the Muscat Grand Mall, a
culmination of our testing in the field. Muscat Grand Mall is now the home of
our new Nawras Campus, bringing the company together again. We are already
seeing the efficiency benefits of closer teams and work flow synergies due to
this move. In March 2012 we successfully refinanced our existing loan facilities
which enhanced our financial flexibility and lowered our funding costs.”
Article source: http://www.cellular-news.com/story/54098.php