Bezeq The Israeli Telecommunication Co. Ltd. (TASE: BEZQ) reported that fourth quarter revenue rose 4.3% to NIS 3.06 billion, from NIS 2.93 billion in the corresponding quarter.
Net profit attributable to company shareholders jumped 57.1% in the fourth quarter, to NIS 575 million, up from NIS 366 million in the corresponding quarter of 2009.
Bezeq said it will pay a dividend of NIS 0.43 per share, for a total of NIS 1.16 billion, which represents 100% of its second half profit. The dividend will be paid May 19th to shareholders of record as of May 4th.
Revenue for the full year of 2010 was up 4.1% to NIS 12 billion, and net profit was up 13.3% to NIS 2.4 billion.
Bezeq chairman Shaul Elovitch said, "We are pleased with our broad based financial and operational achievements in 2010. Going forward, new and pending regulation, additional competition in our already highly competitive market segments and continuing changes in technology and consumer behavior will be our major challenges. Critical to addressing these challenges is our ability to meet the changing needs of our customers. This is reflected in our focus on identifying strategic technological avenues to support further growth such as enhancing our broadband and media service offerings, investing in advanced network infrastructures and the introduction of advanced customer equipment."
Looking ahead to 2011, Bezeq CFO and Deputy CEO Alan Gelman said, "We expect 2011 net profit and EBITDA to be similar to 2010 levels, before the impact of a NIS 281.5 million provision for employee retirement, which is expected to be recorded in the first quarter of 2011, and an anticipated NIS 120 million expense resulting from the new employee stock option plan, which is expected to be recorded over the course of 2011."
Published by Globes [online], Israel business news - www.globes-online.com - on March 8, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011