Israeli mobile network operator, Cellcom has reported that its fourth-quarter revenues increased 4.3% reaching NIS 1.64 billion (US$434 million), while net profit increased 11.5% to NIS 271 million (US$72 million).
For the full year, the company reported a 1% rise in revenues of NIS 6.5 billion (US$1.7 billion) and a 19.5% rise in net profit to NIS 1.18 billion (US$313 million).
Commenting on the results, Amos Shapira, Chief Executive Officer said, "During 2009, we achieved record results for the third consecutive year, as we demonstrated continued growth in all financial parameters. This year we strengthened our leading position in the Israeli cellular market with the highest revenue and profitability and we continued our growth momentum, presenting the highest revenue, operating income, EBITDA, net income and free cash flow in the Company's history. This positive momentum continued in the fourth quarter of 2009, in which we presented our strongest fourth quarter results to date."
The company ended the year with close to 3.3 million subscribers, of which around 1 million were connected to the operators 3G network. During 2009 the company added approximately 105,000 net new subscribers, mostly post-paid, out of which approximately 33,000 joined the Company in the fourth quarter.
The Churn Rate in 2009 totaled 19.6%, compared to 18.9% in 2008. The churn rate for the fourth quarter 2009 totaled to 4.8%, compared to 4.3% in the fourth quarter last year. Both annual and quarterly churn were primarily impacted by the churn of pre-paid subscribers characterized by lower contribution and subscribers with collection problems.
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