Jordan Telecom Group (JTG) has reported a 20% hike in first quarter profits on the back of a small rise in turnover and the early repayment of a number of foreign loans. The monopoly fixed line provider said net income rose by JOD1.8 million to JOD10.7 million in the three months to the end of March, as total revenues increased by 6% to JOD78.6 million. Its bottom line was considerably boosted by a 79% decrease in foreign exchange currency losses due to the repayment in January of JOD35 million worth of overseas borrowings.
The number of fixed line subscribers connected to JTG’s national network rose by 3% to 1.031 million, although revenues from the sector fell by 5%. The company said that this was more than compensated for by a 48% rise in turnover at its cellular subsidiary MobileCom, which claimed 429,000 subscribers to its GSM-900 network at the end of March 2004, up from 356,000 three months earlier. The Group’s first quarter capital expenditure stood at JOD1.6 million, a fall of 63% on the corresponding period of 2003. JTG is owned by the state (49.5%) and JITCO (40%); the remainder is floated in Amman. JITCO is itself 88%-owned by France Télécom and 12% by the Arab Bank.