Bezeq Israeli Telecommunication Co. Ltd. (TASE: BEZQ) saw revenue and profit fall in the second quarter of 2011. The company reported this evening that revenue for the second quarter of 2011 was NIS 2.9 billion, down 3% from the corresponding quarter of 2010. Operating profit in the second quarter was NIS 935 million, down 5.6% from the corresponding quarter.
Bezeq also reported that net profit attributable to shareholders in the second quarter was NIS 585 million, down 8.3% from the corresponding quarter. Earnings per share was NIS 0.21, down 12.5% from the corresponding quarter.
Free cash flow in the second quarter was NIS 264 million, down 56.4% from the corresponding quarter.
Bezeq said that, "In accordance with the company's dividend policy, the board of directors recommended the distribution of a cash dividend to shareholders of NIS 992 million representing 100% of the net profits attributable to the shareholders for the first half of 2011."
Bezeq chairman Shaul Elovitch said, "The second quarter of 2011 was characterized by continued extensive investment in infrastructure and new technologies in all areas of operation, enabling us to provide our customers with the best and most advanced service in Israel."
Published by Globes, Israel business news - www.globes-online.com - on August 1, 2011
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