Cable TV firm Matav dismisses dozens of workers - TheStreet

Matav Cable Systems (Nasdaq:MATV) has fired dozens of workers in the last two months, TheMarker has learned. It is estimated the company's restructuring will continue albeit in a moderated form.

The reorganization began due to decreased competition in the cable TV market and the cable firms planned merger.

Matav is the smallest of Israel's three cable firms, which include Tevel and Golden Channels, both of which have also laid off workers.

The company, which has 292,000 subscribers, posted NIS 449 million revenue in 2001, down from NIS 454 million in 2000. Loss came to NIS 247 million, compared with NIS 214 million loss in 2000.

Loss in the fourth quarter in 2001 shrunk to NIS 74.7 million, compared with NIS 81.7 million loss in the parallel quarter in 2000. In the third quarter in 2001 the company lost NIS 62.6 million, and in the second quarter lost NIS 40 million.

In 2001, debt grew to NIS 1 billion, from NIS 761 million in 2001.