Business in Brief: Israel’s Second-largest Mobile Phone Operator Reports 52% Drop in Quarterly Profit

Azrieli Group Q3 net profit edges up ■ FIBI Q3 profit up, declares dividend

Reuters
Reuters
Send in e-mailSend in e-mail
FILE PHOTO: The logo of Partner, an Israeli communication firm, is seen on their headquarters in Rosh Ha'ayin.
FILE PHOTO: The logo of Partner, an Israeli communication firm, is seen on their headquarters in Rosh Ha'ayin.Credit: AMIR COHEN / REUTERS
Reuters
Reuters

Partner Communications Q3 profit down

Partner Communications, Israel’s second-largest mobile phone operator, reported on Wednesday a 52% drop in quarterly profit as it continues to invest heavily in the deployment of a fiber optics network and its TV service. Partner earned 26 million shekels ($6.97 million) in the third quarter, down from 54 million a year earlier. Revenue slipped to 822 million shekels from 826 million, with its mobile subscriber base falling by 1% to 2.65 million. According to a Reuters poll of analysts, Partner was forecast to earn 24.7 million shekels on revenue of 821 million shekels. 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 investing to become an integrated multi-service telecoms group. The company said 118,000 households had connected to its internet-based TV service. Its fiber optics infrastructure now reaches more than 250,000 households. (Reuters)

Azrieli Group Q3 net profit edges up

Real estate developer Azrieli Group reported Wednesday third-quarter net profit of 264 million shekels ($71 million), up from 263 million shekels a year earlier. Excluding the effect of property revaluations, adjusted profit was up 8% to 241 million shekels. Azrieli, which built Tel Aviv’s Azrieli office and shopping complex, said net operating income, which reflects the group’s core business, rose 11% to 386 million. Occupancy rates at its shopping malls stood at 98%. (Reuters)

FIBI Q3 profit up, declares dividend

First International Bank of Israel, the country’s fifth-largest bank by assets, on Wednesday reported a 4.4% growth in third-quarter net profit and said it would pay a 100 million shekel dividend. FIBI posted quarterly net profit of 212 million shekels ($57 million), compared with 203 million a year earlier. It was forecast to earn 220 million shekels in a Reuters poll of analysts. Excluding one-time items, FIBI reported net profit of 178 million shekels versus 171 million in the same period last year. Net interest income rose to 634 million shekels from 565 million a year earlier while expenses from credit losses were up to 49 million shekels from 9 million. (Reuters)

Comments

SUBSCRIBERS JOIN THE CONVERSATION FASTER

Automatic approval of subscriber comments.
From $1 for the first month

SUBSCRIBE
Already signed up? LOG IN

ICYMI

Charles Lindbergh addressing an America First Committee rally on October 3, 1941.

Ken Burns’ Brilliant ‘The U.S. and the Holocaust’ Has Only One Problem

The projected rise in sea level on a beach in Haifa over the next 30 years.

Facing Rapid Rise in Sea Levels, Israel Could Lose Large Parts of Its Coastline by 2050

Tal Dilian.

As Israel Reins in Its Cyberarms Industry, an Ex-intel Officer Is Building a New Empire

Queen Elizabeth II, King Charles III and a British synagogue.

How the Queen’s Death Changes British Jewry’s Most Distinctive Prayer

Newly appointed Israeli ambassador to Chile, Gil Artzyeli, poses for a group picture alongside Rabbi Yonatan Szewkis, Chilean deputy Helia Molina and Gerardo Gorodischer, during a religious ceremony in a synagogue in Vina del Mar, Chile last week.

Chile Community Leaders 'Horrified' by Treatment of Israeli Envoy

Queen Elizabeth attends a ceremony at Windsor Castle, in June 2021.

Over 120 Countries, but Never Israel: Queen Elizabeth II's Unofficial Boycott