Bezeq Israeli Telecommunication Co. Ltd. (TASE: BEZQ) today reported its second quarter results in the midst of the investigation of Shaul Elovitz, its controlling shareholder, and other company executives including CEO Stella Handler. The company reported that its revenue dipped 1.9% to NIS 2.46 billion, while its net profit was down 5% to NIS 358 million, compared with the corresponding quarter last year. EBITDA was off 5.6% to NIS 997 million, while cash flow from current activity improved 0.6% to NIS 875 million.
In accordance with Bezeq's dividend policy, the board of directors recommended distributing to the company's shareholders its NIS 708 million profit attributable to shareholders in the first half of 2017. The dividend, which is subject to approval by the shareholders' meeting, will be paid on October 16, with the record date being October 1.
Bezeq also published a forecast for all of 2017, predicting a NIS 1.4 billion net profit and NIS 4 billion EBITDA.
Bezeq acting chairman David Granot said, "The Bezeq group's financial results in the second quarter of 2017 reflect the company's solid foundations in the face of growing competition in all facets of its activity and the events involving Bezeq over the past two months. These foundations are based on continual investment in advanced infrastructure and differentiation in service quality and product innovation. This strategy underlies the activity of all of the group's companies, with the aim of maintaining its position as Israel's leading communications company."
Published by Globes [online], Israel Business News - www.globes-online.com - on August 24, 2017
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