Mubasher: The preliminary unaudited financial statements of Oman Telecommunications (Omantel) on Sunday showed a 32.51% year-on-year drop in profits for the third quarter of 2017.

The telecom firm achieved profits of OMR 19.1 million ($49.42 million) in Q3-17, versus OMR 28 million ($73.23 million) in the prior-year period, according to a filing to the Muscat Securities Market (MSM).

In the first nine months of 2017, profits dwindled 37.01% to OMR 59.9 million, versus OMR 95.1 million in the corresponding period of 2016.

Cost of sales rose 19.95% to OMR 92.6 million in the nine-month period from OMR 77.2 in the year-ago period.

The company’s profits retreated 38.92% to OMR 40.8 million in the first half of 2017 from OMR 66.8 million in H1-16.

On 9 October, Omantel had signed a non-binding letter of intent (LOL) with Al Khair National for Stocks and Real Estate Company aiming at purchasing all of Al Khair’s and its subsidiaries’ shares in ZAIN’s capital.

In August, Omantel announced that it bought 425.71 million of Mobile Telecommunications’ (Zain) treasury stocks, which represent 9.838% of Zain’s capital.