Ilan Ben-Dov is foregoing Suny's NIS 15,000 monthly participation in his car expenses, following the company's massive second quarter loss.
After Suny Electronics Ltd. (TASE: SUNY) reported a loss of NIS 1.5 billion for the second quarter of 2012, due to the fall in value of Partner Communications Ltd. (Nasdaq: PTNR; TASE: PTNR) shares in recent months, controlling shareholder Ilan Ben-Dov has decided to forego the company's participation in his car expenses, according to a notice to the TASE by the company.
The benefit is worth NIS 15,000 a month, and the cancellation will apply retroactively from April 1. Suny's board of directors audit committee has already approved the cancellation of the benefit.
The write-down on Partner's shares pushed Suny to a shareholders' equity deficit attributable to majority shareholders of NIS 256 million at the end of June. Suny's revenue fell to NIS 1.63 million for the second quarter from NIS 2.07 million for the corresponding quarter of 2011. It posted an operating loss of NIS 1.36 million for the second quarter, compared with an operating profit of NIS 2.71 million for the corresponding quarter.
Published by Globes [online], Israel business news - www.globes-online.com - on September 4, 2012
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