Cellcom Israel Ltd.(CEL: Quote) Monday reported a decrease in second-quarter net income, primarily due to the result of erosion in the price of cellular services during the past year, as well as the significant decrease in equipment revenues.
For the three-month period, the company reported net income of NIS 67 million or $19 million, a 44.6 percent decrease from NIS 121 million or $33 million last year. On a per share basis, earnings were NIS 0.66, compared with NIS 1.22 per share last year.
Revenues decreased 17.5 percent to NIS 1,236 million or $342 million, compared with NIS 1,498 million or $414 million a year ago. The company said the decrease in revenues is mainly attributable to lower service revenues.
The monthly cellular Average Revenue per User totaled NIS 79.7 or $22 compared with NIS 90.3 or $25 during the same period last year. Cellular subscriber base totaled about 3.151 million subscribers, the company said in a statement.
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by RTT Staff Writer
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