Partner Communications (PTNR) announced that its fourth-quarter profit, on a IFRS basis, increased 1.4% to NIS 294 million or US$78 million from NIS 290 million in the year ago quarter. The company said that this increase is attributable primarily to the impact of the shifting of part of the Jewish holiday season from the fourth quarter in 2008 to the third quarter in 2009 and the decrease in expenses for doubtful accounts. Earnings per share was NIS 1.90, up from NIS 1.89 in the year ago quarter.
Oon a IFRS basis, net revenues were NIS 1.578 billion or US$ 418 million, an increase of 1.6% from NIS 1.553 billion in the prior year quarter.
The company said that its board will decide on the quarterly dividend distribution following the approval of the audited financial statements for year 2009.
Emanuel Avner, Partner's Chief Financial Officer said: "In recent months, the Company has undertaken a wide-ranging efficiency and cost review, with the help of external consultants, with the aim of reducing operating costs. We are also beginning to see some early signs of an economic recovery. These two factors are mainly the basis for our expectation that profitability will be higher in 2010 than in 2009, providing that the regulatory and competitive environment evolve as currently anticipated."
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