Internet Gold Ltd. (NASDAQ Global Select Market and TASE: IGLD) today reported its financial results for the quarter ended June 30, 2011 and its cash position and loan repayment status as of June 30, 2011.
Bezeq delivers another strong quarter
The Bezeq Group reported another strong, stable quarter, delivering revenues of NIS 2.9 billion (US$ 849 million) and operating profit of NIS 935 million (US$ 274 million) in the second quarter. Bezeq’s EBITDA for the second quarter of 2011 totaled NIS 1.3 billion (US$ 381 million), representing an EBITDA margin of 44.35%, and cash flow from operating activities reached NIS 670 million (US$ 196 million).
Dividends Received from BezeqOn May 19, 2011, Internet Gold's subsidiary, B Communications, received two dividends from Bezeq totaling NIS 520 million (US$ 152 million). The dividends consisted of:
- C urrent dividend totaling NIS 363 million (US$ 106 million), representing B Communications' share of Bezeq’s net profit for the second half of 2010; and
- S pecial dividend totaling NIS 157 million (US$ 46 million), the first of six equal special dividends to be paid with no interest or index adjustments on a semi-annual basis through 2013, totaling approximately NIS 3 billion (US$ 878 million) over a three year period, as declared by Bezeq's Board of Directors and approved by the Israeli Court.
|As of June 30, 2011|
|(NIS millions)||(US$ millions)|
|Short term liabilities||134||39|
|Long term liabilities||922||270|
|Cash and cash equivalents||343||100|
|Total net debt||713||209|