Cellcom Q4 Net Profit Drops 76%

Cellcom Israel Ltd CEL reported a 76% decline in its fourth-quarter profit. Cellcom's quarterly net income fell to 76 million shekels ($20 million), from 319 million, in the year-ago period. It earlier expected net profit between 70 million shekels and 80 million. Its revenue rose 0.2% to 1.67 billion shekels. Cellcom's earnings before interest, taxes, depreciation and amortisation dropped 32.6% to 425 million. Cellcom's subscriber base dropped 1.3% to 3.349 million in 2011. Cellcom also announced its plans to pay a quarterly dividend of 72 million shekels, or 0.72 shekels per share. Cellcom shares closed at $12.70 yesterday.