November 21, 2017 / 7:52 AM / in a month

Israel's Partner Comms Q3 profit beats estimates

JERUSALEM, Nov 21 (Reuters) - Partner Communications , Israel’s second-largest mobile phone operator, reported on Tuesday higher third quarter profit that beat estimates, though revenue slipped as the company lost subscribers.

Partner earned 54 million shekels ($15 million) in the third quarter, up from 19 million a year earlier and above a forecast of 29 million in a Reuters poll of analysts.

The company’s operating expenses dropped 16 percent to 477 million shekels and finance costs fell by half to 15 million shekels.

Revenue dipped 3 percent to 826 million shekels, with its subscriber base falling by 16,000 over the prior year to 2.677 million.

Partner’s revenue and profit have plunged in the wake of a 2012 reform that opened up the mobile market to new players, sharply reducing prices. It is seeking new revenue streams and is making a push to become an integrated multi-service telecoms group.

The company said about 30,000 consumers have connected to Partner TV, an internet-based TV service offering cut-rate packages it launched in June in partnership with Netflix . ($1 = 3.5220 shekels) (Reporting by Ari Rabinovitch; Editing by Tova Cohen)

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