[prnewswire] Sabih Masri, Chairman of the Palestine Telecommunications Company, PalTel announced the financial results for the first half of 2011 at a Board of Directors meeting held on July 27, 2011 in Amman, Jordan.
Consolidated net operating revenues grew by 11.0% to reach US$ 257m at the end of H1-2011 compared with US$ 231m at the end of H1-2010. In regards to the operating revenues of each segment, the company achieved a growth in its mobile, fixed Line and data revenues by 13.5%, 3.4%, and 67.2% respectively.
The consolidated operating income for the company reached US$ 91m by the end of H1-2011 compared with US$ 78m by the end of H1-2010, a growth of 16.3%. This growth was achieved by an increase in consolidated revenues and in light of the positive effect of the new operating policy (strategy) focusing management efforts on core telecom functions and outsourcing support functions.
The consolidated net income increased by 16.6% to stand at US$ 67m at the end of H1-2011 compared with US$ 58m at the end of H1-2010. The increase is operational driven (increase in operating income) with the other expenses including investment gains/losses, interest expense and other non-recurring expenses having a relatively minor effect on the percentage change mentioned above.
Sabih Masri, Chairman of PalTel, emphasized that "the financial statements are a clear indication of our focus upon our core business operations in the fixed, mobile and data services which has further allowed our team to strive in our technical and administrative abilities to further develop our strategy in terms of current services and processes that utilize the latest technological developments. Masri further stated that "such developments have proved to be vital in providing our customers what they need; improving current services being offered and growing our subscriber base. Our growth in performance is a direct result of the efforts of the Group companies in providing the latest developments in information and technology combined with its determination to lead the Palestinian community in providing advanced services in mobile, fixed and data communications for the benefit of all customers."
Ammar Aker, CEO of Paltel Group, stated, "Our continued efforts and progress during the first half of the year has resulted in an increase in revenues and profits in all Paltel Group companies which is an indication of our hard working team's abilities to adapt and adjust to the demands of the competitive market. The expansion in our core services to improve the quality and satisfaction for customers is being carried out in both the West Bank and Gaza Strip, where the network in the Gaza Strip has improved in recent months due to our ability to transfer equipment into the area which has led to an increase in campaigns and improvement of services." Aker also added that, "the Group companies are launching campaigns that stress technological developments that are in touch with global developments in telecom services in order to reach out to all Palestinian communities. Such efforts are directly reflected in our positive growth in the market, where we continue to develop information technology services to meet the demand of all stakeholders."
Palestine Telecommunications Company (PalTel) Announces Financial Results for H1-2011