Oman's benchmark underperformed regional indexes yesterday after the country's second biggest telecoms operator reported a 47 per cent decline in third-quarter profit.
Net income at Nawras declined to 7.2 million rials in the period ended on September 31, from 13.4m rials a year ago.
The company blamed a decline in text messages, lower gross margins and high operating expenses. Analysts forecast the company to report 9.7m.
"Its disappointing. The results were well below expectations," said Saleem Khokhar, the head of equities at National Bank of Abu Dhabi.
"Their cost base is going up but their revenue base is being hit hard. They need to normalise that equation. It's a bit worrying considering their customers were increasing in that period." The MSM 30 Index fell 1 per cent to 5,646.76 points.
Closer to home, the Abu Dhabi Securities Exchange General Index slipped 0.1 per cent to 2,648.24, while the Dubai Financial Market General Index added 0.1 per cent to 1,652. UAE bourses will be closed for the Eid Al Adha holiday from Thursday. Trading will resume on Monday.
"Markets are quiet," said Nabil Al Rantisi, the managing director of brokerage at Mena Corp. "Q3 results are rolling out. Holidays are coming. Many people don't want to invest more than they already have."
Elsewhere in the region, Kuwait's measure fell 0.2 per cent to 5,716.52. Bahrain's index slipped 0.2 per cent to 1,059.89. Qatar's QE Index was little changed at 5,646.76. The Saudi Tadawul All-Share Index was up 0.5 per cent to 6,741.82.
halsayegh@thenational.ae
Five expert hiking tips
- Always check the weather forecast before setting off
- Make sure you have plenty of water
- Set off early to avoid sudden weather changes in the afternoon
- Wear appropriate clothing and footwear
- Take your litter home with you
SPECS
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EMIRATES'S%20REVISED%20A350%20DEPLOYMENT%20SCHEDULE
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Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
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BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
Company%20Profile
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Tenet
Director: Christopher Nolan
Stars: John David Washington, Robert Pattinson, Elizabeth Debicki, Dimple Kapadia, Michael Caine, Kenneth Branagh
Rating: 5/5
The%20Roundup%20%3A%20No%20Way%20Out
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BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Brolliology: A History of the Umbrella in Life and Literature
By Marion Rankine
Melville House
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
Company%20Profile
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
The Matrix Resurrections
Director: Lana Wachowski
Stars: Keanu Reeves, Carrie-Anne Moss, Jessica Henwick
Rating:****