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Israel's Cellcom Sees Profits Halved - Cancels Dividend Payments
Published on:
Israel's Cellcom has announced that its second-quarter revenues fell by 5.7 percent to NIS 1,498 million (US$382 million) as the company was affected by regulatory impacts and increased competition in the market.
Net profit halved to NIS 121 million (US$31 million). The company also cancelled its dividend payment to shareholders and declined to confirm any future payments.
EBITDA for the second quarter of 2012 decreased 16.3% to NIS 474 million ($121 million) representing 31.6% of total revenues
Tt the end of June 2012, the company had approximately 3.333 million cellular subscribers. During the second quarter of 2012, the Company's cellular subscriber base decreased by approximately 29,000 net subscribers.
In the second quarter of 2012, the company added approximately 42,000 net new 3G cellular subscribers to its 3G subscriber base, reaching approximately 1.43 million 3G subscribers at the end of June 2012, representing 42.9% of the total subscriber base.
Ami Arel, Chairman of the Company's Board of Directors, said: "In the first half of 2012 a new management was formed, and the results demonstrate that this management, led by Nir Sztern, is working to achieve the required efficiency measures. I am pleased with the new management's function which is planning and executing the changes needed in order to adjust the Company to market conditions".
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