Israel's Cellcom swings to Q2 loss on retirement expense [Reuters]
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Source: Reuters
Israel's Cellcom swings to Q2 loss on retirement expense | Reuters Reuters Staff 2 Min Read TEL AVIV, Aug 16 (Reuters) - Israel’s largest mobile phone operator Cellcom moved to a loss in the second quarter due mainly to a one-time expense for the voluntary retirement of 200 employees. Cellcom posted on Thursday a net loss of 37 million shekels ($10 million) in the quarter, compared with a net profit of 45 million a year earlier, while revenue slipped 3.6 percent to 927 million shekels. Analysts, on average, forecast a loss of 17.75 million shekels on revenue of 930 million, according to a Reuters poll. The retirement plan resulted in an expense of 26 million shekels. “The positive effect of reduction of the company’s expenses, shall be seen from the next quarter,” CEO Nir Sztern said. Israel’s mobile phone industry was shaken up in 2012 with the entry of a host of new operators, sparking a price war that led to steep drops in subscribers, revenue and profit for Cellcom and rival incum
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