Bezeq: net loss amounted to NIS 5 million, in Q4 compared with NIS 1.76 billion same Q last year

The Bezeq Group reported fourth-quarter results in 2019 with a 5.3% decline in quarterly revenues - NIS 2.2 billion. The net loss amounted to only NIS 5 million, compared with NIS 1.76 billion in the corresponding quarter. Shlomo Rudav: "We performed streamlining measures that resulted in a 3% reduction in group expenses and 3.4% in operating expenses."
Revenues in the fourth quarter of 2019 totaled NIS 2.20 billion, compared with NIS 2.33 billion in the fourth quarter last year, a decrease of 5.3%. The decrease in income is attributed to a decrease in the income of all the major segments of the group.
On the bottom line, Bezeq reported a net loss of NIS 5 million in the fourth quarter, compared with NIS 1.76 billion in the fourth quarter last year. The loss is mainly attributable to the deletion of a tax asset for yes losses, impairment of assets and changes in expenses and other operating income.
In connection with the spread of the Corona virus, Bezeq reports that the Group is examining potential implications for its business activities that may manifest itself, in harming the activities of the Group companies. However, at this time, the Company is unable to reliably estimate the expected quantitative impact of the event on the Group's business operations. Accordingly, the Company does not provide forecasts for 2020 at present and, depending on the situation below, will consider the possibility of publishing a forecast for 2020, together with the publication of the results for the first quarter of 2020, as far as possible and feasible.
Cash flow from operating activities in the fourth quarter of 2019 amounted to NIS 748 million, compared with NIS 914 million in the fourth quarter last year, a decrease of 18.2%. The decrease in cash flows has occurred in all major segments of the group, especially Bezeq Lines, as a result of changes in working capital, including payments for retirement.
Shlomo Rudev, Chairman of Bezeq: "We are in the midst of an extremely challenging period for the State of Israel, where, among other things, residents and businesses rely almost entirely on the infrastructure and communications services they provide. All companies in the Bezeq Group have always focused on providing quality and reliable service, and at this time our benefits in infrastructure and services and the commitment we make to our clients are particularly prominent. We will stand alongside the residents and businesses going through a difficult period. "
Rodav said, "In 2019, all Bezeq Group companies worked to adjust the structure of the activity to the changes that occur in the Israeli communications market. Over 1,000 employees in the next two years and we are moving forward with the synergy and collaboration processes between the subsidiaries, in order to maximize their business potential. "