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Cellcom Israel Q4 net income up 32%

Revenue up 6.1% on year-ago

By CBR Staff Writer

Cellcom Israel has posted a net income of NIS243m, or NIS2.48 per share, for the fourth quarter ended December 31, 2008, an increase of 32.1% compared to NIS184m, or NIS1.89 per share, in the fourth quarter of 2007.

Revenues for the fourth quarter of 2008 totaled NIS1.57 billion, a 0.8% decrease compared to NIS1.58 billion in the fourth quarter of 2007.

Net Income for 2008 totaled NIS985m, or NIS10.08 per basic share, compared to NIS875m, or NIS8.97 per basic share, in 2007. Revenues for 2008 totaled NIS6.42 billion, a 6.1% increase compared to NIS6.05 billion in 2007.

Tal Raz, CFO of Cellcom Israel, said: In 2008, we continued to generate a very strong free cash flow, despite the high first quarter expenditures following the introduction of number portability. The higher free cash flow in the fourth quarter is a direct result of our improved financial performance, enabling us to distribute a fourth quarter dividend of NIS2.75 per share, or a total of approximately NIS270 million. Over all, the aggregate dividends distributed for 2008 totaled to NIS1.1 billion or NIS11.23 per share.

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