Bezeq profit disappoints in Q3

Bezeq

Revenue also fell although Bezeq added 40,000 new wholesale customers in the third quarter.

Bezeq Israeli Telecommunication Co. Ltd. (TASE: BEZQ) today reported its results for the third quarter of 2017. The company posted NIS 2.415 billion in revenue in the quarter 3.8% less than the NIS 2.51 billion in revenue that it had in the third quarter of last year and short of the market expectations of NIS 2.44 billion. Its net profit in the third quarter was NIS 322 million, 18% less than in the corresponding quarter of 2016, and also less than the NIS 324 million profit expected by the market.

Cash flow from current activity totaled NIS 982 million, 8.9% more than in the corresponding quarter last year.

Bezeq acting CEO David Granot said, "The wholesale market customer base served by Bezeq recent exceeded the 500,000 mark, after adding over 40,000 customers during the quarter, the largest such figure for a quarter since early 2016. In addition, the new companies operating in the field reportedly recruited almost 200,000 television customers. These figures reflect the sustainable competition existing in the communications market, and require continued striving ahead of the elimination of Bezeq's structural separation that is currently preventing full operating efficiency. Eliminating this separation will substantially reduce communication costs in Israel."

Published by Globes [online], Israel Business News - www.globes-online.com - on November 30, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

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