Jordan Telecom reveals lower profit

AMMAN — Jordan Telecom revealed lower profit during the first half of this year. In a disclosure to the Amman Stock Exchange, the company said profit declined by 9.8 per cent to JD22.7 million compared with JD25.1 in the same period of last year. Earnings slipped by 2.7 per cent to JD174.1 million from JD178.9 million during the same comparison period. The company attributed the drop  to fierce competition in the market which affected the retail and corporate sectors, whereas revenues in the overall sales sector including international roaming increased. Capital expenditure increased to JD71.4 million versus JD15.1 million in the same period, due to renewing the licence for using the 900 megahertz frequency band for five years against JD52.4 million. The company’s total assets dropped to JD580.8 million at the end of June, down from JD618.2 million at the end of last year.