UPDATE 2-Partner Comms Q3 profit dips, misses estimates

* Profit hurt by ISP, landline launch expenses

* Revenue down 3.3 percent

* Possible Q4 profit drop to be less than in Q3

* Mulling 1 billion shekel dividend in early 2010

(Adds share reaction, comments from analysts, CFO)

By Steven Scheer

JERUSALEM, Nov 9 (Reuters) - Partner Communications (PTNR.O: Quote, Profile, Research), Israel's second-largest mobile phone operator, reported a more than expected 20.3 percent drop in third-quarter net profit on Monday and said it may post another decline in the final three months of 2009.

The results, which come after solid results from rival Pelephone last week and in the wake of a giant shakeup in Israel's telecoms sector, were below analysts' expectations.

Partner (PTNR.TA: Quote, Profile, Research), which operates under the Orange brand name and whose controlling stake changed hands in late October, attributed its lower quarterly profit to expenses related to launching its Internet and landline calling services.