Paltel net profit grows 21 per cent to US$32.66 million

The Palestinian Telecommunications Company (Paltel) has announced a first quarter 2010 net profit increase of 20.77 per cent to reach US$32.66 million, up from US$27.05 million a year earlier.

Revenues also experienced growth rising by almost 10 per cent to reach US$113.06 million. Revenues from its mobile, media and data services units increased by 15.65, 43.95 and 0.76 per cent respectively.

Paltel added that its mobile subsidiary Jawwal passed the two million subscriber milestone during the quarter.

Based on the quarterly results, the company plans to continue improving commercial opportunities and optimising operations, by focusing on the company’s core business, relying on outsourcing for non-core services.

CEO of Paltel Group, Ammar Aker, said that the financial results are the best proof of the company’s decision to re-focus on core services and he is confident in the group’s ability to continue its strong performance into the next quarter.