Mubasher: Watani Investment Company (NBK Capital), the investment arm of National Bank of Kuwait, on Sunday upgraded Oman Telecommunications Company (Omantel) to “Buy”, setting the fair value at OMR 1.82, as the share’s price fell 14%.
Omantel posted today losses of OMR 34.69 million in the fourth quarter of 2015, against profits of OMR 31.67 million in the same quarter of 2014.
Total revenues rose 7% year-on-year to OMR 514.5 million, according to a bourse filing.
The annual profit decline was mainly attributed to impairment of investment in one of the subsidiary and voluntary end of service (VEoS) program. Excluding these exceptional items, the group’s net profit would have reached OMR 118.2 million.
