May 24, 2018 / 5:34 AM / 9 months ago

Israel's Bezeq Q1 profit, revenue down

JERUSALEM, May 24 (Reuters) - Bezeq Israel Telecom reported on Thursday a 26 percent drop in first quarter net profit, matching analyst estimates, as the company continued to face stiff competition in many of its segments.

Israel’s largest telecoms group said it earned 260 million shekels ($73 million)in the first three months of 2018, compared with 350 million a year earlier. Revenue slipped 3.8 percent to 2.36 billion shekels.

Bezeq, which is being investigated for securities offences and is the midst of a management shake-up, was forecast to earn 260 million shekels on revenue of 2.41 billion, according to a Reuters poll of analysts.

The company reiterated its 2018 forecast for net income of 1.0 billion shekels.

“Our group wide results in the first quarter of 2018 continue to demonstrate the increased competition and changes in all areas of the telecommunications market,” said Bezeq Chairman Shlomo Rodav. “We are in the process of formulating a long-term strategy for the group.” ($1 = 3.5692 shekels) (Reporting by Ari Rabinovitch Editing by Steven Scheer)

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