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Internet Gold Q4 net income narrows

Revenue up 10%

By CBR Staff Writer

Israel-based Internet Gold Golden Lines has posted a GAAP net income of NIS1.1m, or NIS 0.05 per share, for the fourth quarter ended December 31, 2008, compared to a GAAP net income of NIS79m, or NIS 3.4 per share, in the fourth quarter of 2007.

Revenues for the fourth quarter of 2008 were NIS313.8m, a 10% increase compared with NIS 284.5m in the fourth quarter of 2007.

Revenues for the 12 months ended December 31, 2008 were NIS1.16 billion compared to NIS1.17 billion for 2007. Net loss for 2008 was NIS14.86m, or NIS0.69 per share, compared to a net income of NIS124.02m, or NIS5.74 per share in 2007.

Eli Holtzman, CEO of Internet Gold, said: The primary driver of our results remains our communications segment, which has achieved record results as it continues to expand the breadth of its services for the stable and resilient Israeli communications market. We are also pleased to have been able to bring our media segment back to positive adjusted EBITDA, an achievement that demonstrates the new stability of the company following last year’s transaction with MSN.

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