Business Services Industry
JORDAN TELECOM REPORTS LOWER REVENUE
Info-Prod Research (Middle East), February, 2003
Jordan Telecom revealed its preliminary 2002 results showing JD304million in revenue, lower than the forecasted JD312 million, and down fromJD309 million in 2001.The group posted a consolidated net income of JD30 million, compared toa JD39 million forecasted by JP Morgan last autumn, when the companylaunched an initial public offering (IPO), the first in the country's history.Jordan Telecom officials blamed the lower income on "exceptionalcircumstances," namely a multi-million bad debt by public telephonescompany"Allo," and a "cleanup" operation that resulted in the cancellation ofan unspecified number of lines.
- (World IT Report.com)
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