Paltel’s decision to postpone tax exemption dents net profit in H1 2012

Fixed line incumbent Palestine Telecommunications Company (Paltel) has posted a 13.4% decline in net profit for the first half of 2012, Zawya reports, with the drop predominantly attributed to the devaluation of the Israeli shekel, coupled with the telco’s decision to postpone its 50% tax exemption for two years in response to a request from the state. Further, commenting on the impact of new tax legislation, Paltel chairman Sabih Masri, stated: ‘Throughout the years we have experienced strong growth in our net operating revenues and our operating revenues in core business operations in terms of mobile and data services.

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OVETEL Paltel’s decision to postpone tax exemption dents net profit in H1 2012