Money News

Israel's Bezeq expects third-quarter write-down, raises 2020 profit outlook

JERUSALEM (Reuters) - Israel’s largest telecom group, Bezeq, is expecting a 200-300 million shekel ($59-$88 million) write-down in the third quarter from its international calling unit, but said it was raising its 2020 profit forecast.

Bezeq said it expected to report an annual adjusted net profit of 1.05 billion shekels, up from a previous forecast of 950 million shekels.

The write-down in Bezeq International’s valuation and quarterly profit is due to regulatory changes that impact how it reports its subscribers, the company said. This will not impact its adjusted annual net profit forecast, which excludes one-time items.

Reporting by Ari Rabinovitch; Editing by Tova Cohen