Cellcom Israel Q2 Profit Rises, Despite Lower Revenues - Quick Facts

(RTTNews) - Cellcom Israel Ltd. (CEL) reported Monday higher profit in its second quarter with increase in equipment sales, efficiency measures and cost cutting, despite lower revenues.

Second-quarter net income attributable to owners of the parent was NIS 79 million or $23 million, 17.9 percent higher than last year's NIS 67 million. Earnings per share totaled NIS 0.78 or $0.23, compared to NIS 0.66 last year.

BITDA for the quarter totaled NIS 314 million, a 7.4 percent decrease from last year. Excluding one-time effects, EBITDA declined 2.4 percent to NIS 331 million.

Total revenues decreased 6.3 percent to NIS 1.158 billion or $337 million from last year's NIS 1.236 billion.

Cellular subscriber base totaled approximately 3.029 million subscribers at the end of June 2014.

Further, the company said its Board of Directors decided not to distribute a dividend for the second quarter of 2014, given the continued intensified competition in the market and its adverse effect on its revenues and in order to further strengthen the company's balance sheet.

The Board of Directors will re-evaluate its decision as market conditions develop, and taking into consideration the Company's needs.