Cellcom first-quarter net profits falls on increased financial costs

17 May 2010

Israeli mobile network operator Cellcom has revealed a 9% year-on-year decline in net profit, which it attributed to increased financial costs. For the three months ended 31 March 2010 the operator posted a net profit of ILS314 million (USD85 million), down from ILS348 million in the same period a year earlier. Revenues however rose, up 3% at ILS1.414 billion, while earnings before interest, tax, depreciation and amortisation (EBITDA) also increased, rising 1.8% against 1Q 2009 to ILS638 million.

In terms of subscribers, Cellcom added a net 21,000 wireless customers in the first three months of 2010 to bring its overall base to 3.31 million, while the number of 3G customers rose by 40,000 in the quarter to 1.037 million.

Israel, Cellcom