Tuesday, May 4, 2010

Palestinian Telco Sees 10% Rise in Quarterly Revenues

The Palestinian Telecommunications Company, Paltel has reported that its first-quarter revenues rose by just under 10% to reach US$113.06 million compared to a year ago. This comes as a result of the increase in operating revenues achieved by the company in its mobile, media and data services which rose by 15.65%, 43.95% and 0.76% respectively.

Net income increased by 20.77% to stand at US$32.66 million end of the first quarter, 2010 compared with US$27.05 million end of the first quarter, 2009.

The financial statement coincided with mobile operator Jawwal's declaration of reaching the 2 million subscriber threshold.

CEO of Paltel Group, Mr. Ammar Aker, stated "that the financial results are the best proof of the company's wise decision to re-focus on core services and is confident in the Group's ability to continue its success in the next quarter." Mr. Aker further added, "due to the liberalization of telecommunications sector in the Palestinian market, the company has created a new business strategy to increase its subscriber base.

Due to the recent changes in the market place, Paltel is currently undergoing restructuring in order to focus on its core telecom services which will include re-examining and reviewing business models that involve its investments in various non telecom SME's throughout the country.

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