World VoIP NewsNetVision increases net profit despite fall in telephony revenueNetVision increases net profit despite fall in telephony revenue

NetVision increases net profit despite fall in telephony revenue


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Israeli fixed line operator NetVision has released its financial results for the twelve months ended 31 December 2009, posting a 22% year-on-year rise in net profit to ILS105.6 million (USD28.03 million), Globes Online reports.
The telco also reported operating profit of ILS155.6 million for the year, up 40% compared to 2008. Revenue for the twelve-month period was ILS1.25 billion, a 1.3% increase against the same period a year earlier, but the operator’s revenue from telephony fell 6.1% in the year, reflecting a fall in the number of minutes of calls. For the final three months of the year meanwhile NetVision saw net profit rise 160% to ILS26.8 million, with quarterly operating profit up 70% at ILS37 million. Earnings before interest, tax, depreciation and amortisation (EBTIDA) for the three months ended 31 December was ILS69 million, a 2.5% increase compared to 4Q 2008.

Commenting on the results, NetVision CEO Richard Hunter said: ‘As part of the company's strategy of expanding activities in new markets and deepening involvement in existing markets with growth potential, we implemented a number of substantial deals. For example, the establishment of international calls and communications activities in Georgia and the acquisition of the Internet holdings of Rimon Israel.'

As at end-December 2009 NetVision said that it had signed up 594,000 broadband subscribers, up from 566,000 a year earlier.


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