B Communications Ltd. Announces Unaudited Consolidated and Unconsolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016
March 30, 2017 at 06:50 am EDT
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B Communications Ltd. announced unaudited consolidated and unconsolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, on consolidated basis, revenues totaled ILS 2.5 billion, a 3.9% decrease compared to the ILS 2.6 billion reported in the fourth quarter of 2015. Operating profit totaled ILS 369 million, a 1.1% decrease compared to ILS 373 million reported in the fourth quarter of 2015. Net profit totaled ILS 78 million, a 74.4% decrease compared with ILS 305 million reported in the fourth quarter of 2015.
For the full year 2016, on consolidated basis, revenues totaled ILS 10.1 billion, a 1.0% increase compared to ILS 10.0 billion reported in 2015. The increase in 2016 was due to the consolidation of Yes beginning in the second quarter of 2015, partially offset by a decrease in revenues in all of the Bezeq Group's segments and primarily at Pelephone. For both the current and the prior-year periods, B Communications' consolidated revenues consisted entirely of Bezeq's revenues. Operating profit totaled ILS 1.8 billion, an 8.4% decrease compared with ILS 2.0 billion reported in 2015. Net profit totaled ILS 475 million, a 58.2% decrease compared with ILS 1.14 billion reported in 2015. The decrease was due to Bezeq's lower net profit in 2016 compared with 2015 and due to the one-time refinancing expenses related to the early redemption of the 7% Senior Secured Notes. Profit before income tax was ILS 908 million against ILS 1,494 million a year ago. Basic and diluted loss per share was ILS 7.94 against diluted earnings per share ILS 6.97 a year ago.
For the quarter, on unconsolidated basis, net profit attributable to shareholders was ILS 3 million compared with ILS 103 million reported in the fourth quarter of 2015.
For the full year 2016, on unconsolidated basis, net loss attributable to shareholders totaled ILS 237 million compared to net profit attributable to shareholders of ILS 210 million in 2015. The loss in 2016 was due to Bezeq's lower net profit in 2016 compared with 2015 and due to the one-time refinancing expenses related to the early redemption of the Notes. Net debt as on December 31, 2016 was ILS 2,169 million against ILS 2,554 million as on December 31, 2015.
B Communications Ltd. is focused on the telecommunications industry. The Company's principal asset is its ownership interest in Bezeq The Israel Telecommunications Corp. Ltd. (Bezeq), a provider of communications services in Israel. Bezeq and its subsidiaries operate through segments, including Bezeq, which offers fixed-line telephony services and fixed-line broadband Internet infrastructure access; Pelephone, which offers cellular telephony services; Bezeq International, which offers Internet service provider (ISP) and international telephony (ILD) services, and DBS, which offers pay television services. Bezeq offers a range of telecommunications operations and services, including domestic fixed-line, Internet services, television and radio broadcasts, satellite broadcasts, maintenance and development of communications infrastructures, providing communications services to other communications providers, and supply and maintenance of equipment on customer premises.
B COMMUNICATIONS LTD 
