Mubasher: Oman Telecommunications Company (Omantel) posted 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, according to a bourse filing on Sunday.
In the fiscal year 2015, profits dropped 59% to OMR 50.2 million as compared to OMR 122.4 million in the fiscal year 2014.
The annual profit decline was mainly attributed to impairment of investment in a subsidiary and also allocating provisions for a voluntary end of service (VEoS) program. Excluding these exceptional items, the group’s net profit would have reached OMR 118.2 million.
The board proposed a final dividend of 60 baisa per share which will be subject to the approval of shareholders who are meeting on 24 March. This is in addition to the interim dividend of 55 baisa per share paid in August 2015, bringing the total dividend of 115 bz per share for the financial year 2015.
Based on average share price of OMR 1.480 in January 2016, the dividend yield works out to be 7.8%.
The board also recommended an interim dividend up to 40% of the paid up capital to be distributed during August 2016.
