Israel’s HOT Telecommunications has cited the launch of wireless services as the driving factor behind a 95% slump in net profit in the second quarter of 2012, despite the company registering a 25% increase in turnover in the period. According to Globes Online, for the three months ended 30 June 2012 HOT generated turnover of ILS1.03 billion (USD269 million), up from ILS824 million in the same period of 2011. However, net income for the quarter stood at just ILS7 million, down from ILS78 million a year earlier as the company invested heavily in rolling out its own mobile network
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OVETEL Too HOT? Mobile network rollout sees net profit slump for Israeli cableco in 2Q12
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