Cellular company Partner Communications Ltd. (Nasdaq: PTNR; TASE: PTNR) reported its second quarter results today, with net profit jumping to NIS 26 million and subscriber churn of 9.8%, compared with 11.2% in the first quarter and 10.9% in the second quarter of last year.
Company revenue was down 14% to NIS 897 million, while revenue from equipment plunged 29% to NIS 205 million. Earnings before taxes, interest, depreciation, and amortization (EBITDA) dipped slightly to NIS 228 million.
Partner still reported NIS 54 million in revenue in the second quarter from its compensation arrangement with Orange as a result of €90 million in advances from Orange in 2015. The arrangement stipulates that the advances will be spread equally over each quarter.
Average revenue per user (ARPU) was down 7% to NIS 65, while the company's subscriber base dropped 2% to 2.7 million subscribers, as of the end of the second quarter.
Commenting on his company's reports, Partner CEO Isaac Benbenisti said, "We made progress in the second quarter towards realizing our vision of becoming a comprehensive communications company. We continued our successful expansion of our postpaid cellular customer base in the second quarter, the fourth quarter in a row with growth in the number of these subscribers. This positive is attributable, among other things, to the significant measures we are taking in our service apparatus, including expanding available platforms for support and digital service, with an emphasis on the social networks."
Published by Globes [online], Israel business news - www.globes-online.com - on August 17, 2016
© Copyright of Globes Publisher Itonut (1983) Ltd. 2016