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Cellcom Cancels Shareholder Dividend As Full Year Profits Decline
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Israeli mobile network operator, Cellcom has reported that its fourth-quarter revenues fell by 14.4% to NIS 1.41 billion (US$377 million) as the company continues to be hurt by local industry competition and regulatory tightening of the market. However, net profits rose by nearly half (48.7%) to NIS 113 million ($30 million).
For the full year, revenues were down by 8.7% to NIS 5.94 billion ($1.6 billion) and net profits were down by 35.6% to NIS 531 million ($142 million)
The company ended the year with just under 3.2 million customers, which was down by 4.5% over the year.
Commenting on the results, Nir Sztern, the Company's Chief Executive Officer, said: "2012 was a year of extensive activity for the Cellcom Group. In that year we completed the merger process with Netvision, dealt with the increased competition and adjusted the Group to the new market conditions. These activities will constitute a key layer for the continued success of the Group in the coming years."
The company cancelled its dividend payment to shareholders to preserve cash.
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