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JTC reverses profit slide

Jordan Telecom Company is expecting a 2003 increase in net profit, following several years of declining profitabilty.

Jordan Telecom Company’s preliminary 2003 results show its net profit rising 15% year on year to reach JD34.6 million.

The announcement reverses several years of declining net profits, which fell steadily from JD73.1 million in 1999 to 59.6 million in 2000 and 45.9 million in 2001.

Contributing to the better performance in 2003 was a JD9 million decline in operating expenses, which stood at JD 182.1 million. An 18% decrease in JTC’s workforce, which fell from 5,036 in 2002 to 4,147 in 2003, should have a long term beneficial effect on the bottom line.

Although net profit may have risen, group revenue rose just 2%, reaching JD309.3 million. The fixed line business accounted for 76% of turnover, with JTC’s mobile business unit, MobileCom, chipping in 23% of the total.

The operator’s total customer base reached 1,004,000, a rise of 6%. MobileCom’s number of subscribers reached 356,000, a solid rise of 12.3% but still well behind rival Fastlink’s million strong customer base.

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