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JD 66 million is PALTEL's income in 9 months

2008-10-21

PALTEL group announced yesterday a recorded profit of JD 65.7 million (Approximately $93 million) for the nine months of the current year, exceeding by that the whole income for the previous year. These profits hadn"t include the realized gain from selling the Saudi company "Bayanat Al Oula" that reached $20 million and had been executed in the first quarter of the year, also the profit hadn"t include the proceeds from currency exchange variances where the US dollar that is related to the Jordanian dinar ( The currency of the financial statements) had vouched massive declines since the beginning of the year versus the shekel ( The currency of the company"s revenues), which means that PALTEL"s income is trending to JD 100 million ($140 million) by the end of the year. PALTEL"s net income reached JD 65.5 million in the last year. Mr.Sabeih Almasri the board chairman of PALTEL group commented in the press conference that had been held in JAWWAL headquarter about the results by saying "the company is on the correct track, the financial position is solid and there are no debts in their banks accounts". And said:" these profits do not include the realized gain from selling the Saudi company and the proceeds from currency exchange variances, and these two categories will be shown at the end of the year". Also Mr. Munib Almasri the board chairman of PADICO had participated in the press conference, which in its turn PADICO is the biggest shareholder in PALTEL by a share that exceeds in %30, also DR. Abdelmalik Aljabir had participated in the conference. Mr.Sabeih Almasri assured that the group has a strategic expansion plan in other sectors investment, and also commended on the efforts of the executive management and the company"s staff. And regarding the decline in the stock market which includes also a decline in PALTEL"s share in effect of the international financial crisis, Almasri said" the company"s shares are protected by its strong financial position" attributing the decline to the fear that is trending to be international but he pointed out that the loss in the PSE was reasonable comparing to the other regional markets. And regarding the traded news about an Arab strategic partner, Almasri   said "we keep receiving oral offers for buying a share in PALTEL, but we hadn’t receive an official paper yet and we don’t have intentions of abandoning the company, and if anything happens in this issue it will be for preserving the staff and increase it not lowering it "