Internet Gold Golden Lines Ltd (NASDAQ:IGLD) Revenue Decreased 1.8% To $709 Million In Q4 2017
Internet Gold Golden Lines Ltd (NASDAQ:IGLD) has reported its financial results for Q4 and year ended December 31, 2017. Doron Turgeman stated that 2017 was a challenging year for the company especially due to the ongoing developments at Bezeq and Eurocom, the parent company.
However, the company is pleased to announce the financial results for its subsidiary company B Communications and Bezeq and expects to report better results for the rest of the year.
The company’s consolidated revenues for Q4 of 2017 was $709 million, a 1.8% decrease compared to the previous performance in the same period in 2016. Also, the firm reported a total of $80 million operating profit, a decrease of 27.5% compared to the same period in 2016. Internet Gold’s consolidated net profit for Q4 of 2017 totaled $7 million compared to same period in 2016.
The company’s controlling shareholder Eurocom Communications Ltd recently announced that it has applied for approval of creditors’ arrangement in agreement with the Israel Companies Law. The company promised to report on any relevant developments on the process as required by the law.
Internet Gold is currently operating as a subsidiary of Eurocom Communications Ltd. The company controls the B Communications, which is also controlling Bezeq.
The Company’s Board Appoints New Chairman
In February 2018, the Internet Gold Golden Lines Ltd announced that it has appointed Ami Barlev to act in the capacity of chairperson for the company’s Board. Barlev takes over Shaul Elovittch who will continue serving as the Director of the company.
Financial Performance of Subsidiary Companies
Last year as of December 31, 2017, Internet Gold had about 65% of B Communications’ outstanding shares. Also, Internet Gold’s interest in B Communication for Q4 was $6 million compared to a net loss of the similar period in 2016.
Bezeq Group reported $2.83 billion revenue, a decrease of 2.9% compared to the previous year’s performance. The company experienced low revenues in all the Bezeq Group segments. However, operating expenses for Bezeq Group reduced by 2.4% compared to the same period in 2016.
Internet Gold Golden Lines Ltd commenced its operations in 1992 and currently has a subsidiary company, B Communication Ltd. The firm’s main asset is to control its market interests through B Communications via Bezeq Group, a telecommunication company based in Israel.
Bezeq Group operates telecommunication infrastructure in Israel and provides a wide range of telecommunication products and services to both consumers and business entities including fixed-line and cellular telephony services, data services, internet-broad band services and much more.