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Wataniya Mobile swings to profit in Q1

Wataniya Palestine Mobile Telecommunication Public Shareholding Co. said its first-quarter normalized net income came to $155,540, compared with a loss of $2.6 million in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin rose to 0.8% from negative 13.4% in the year-earlier period.

Total revenue grew 6.9% year over year to $20.5 million from $19.2 million, and total operating expenses declined 14.1% on an annual basis to $19.2 million from $22.4 million.

Reported net income totaled $248,860, or 0 cents per share, compared to a loss of $4.1 million, or a loss of 2 cents per share, in the prior-year period.