Cellcom Q1 loss soars 169%

Avi Gabbay / Photo: Cadya Levy

Cellcom CEO Avi Gabbay: I believe that the proactive steps we are taking will enable the company to cope with the coronavirus crisis and enter 2021 as a better and more focused company.

Israel telecom operator Cellcom Israel Ltd. (NYSE:CEL; TASE:CEL) reported first quarter results for 2020 with lower revenue and profit. Revenue was NIS 892 million ($250 million), down 3.9% from NIS 928 million ($260 million) in the first quarter of 2019. Loss was NIS 43 million ($12 million) compared with NIS 16 million ($4 million) in the first quarter last year, an increase of 169%

Cellcom CEO Avi Gabbay said, "In the first quarter we surpassed the crisis in our relations with the employees' representatives, which enabled us to take steps to improve our service to our customers and operational excellence and to take quick steps to mitigate some of the adverse effects of the coronavirus crisis."

"In addition, we have signed a binding memorandum of understanding for the acquisition of Golan Telecom and we are acting vigorously to obtain the required regulatory approvals. I believe that the proactive steps we are taking will enable the company to cope with the coronavirus crisis and enter 2021 as a better and more focused company."

Published by Globes, Israel business news - en.globes.co.il - on May 21, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Avi Gabbay / Photo: Cadya Levy
Avi Gabbay / Photo: Cadya Levy
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