JERUSALEM, May 30 (Reuters) - Bezeq Israel Telecom reported a 15 percent rise in quarterly profit to beat estimates, saying cost-cutting measures helped it to overcome a decline in revenue stemming from intense competition.
Israel’s largest telecom group said on Thursday it earned 300 million shekels ($83 million) in the first quarter, compared with 260 million a year earlier.
Revenue slipped 4.4 percent to 2.26 billion shekels.
Bezeq, which is being investigated for securities offences and is the midst of a corporate shake-up, was forecast to earn 245 million shekels on revenue of 2.3 billion, according to a Reuters poll of analysts.
It maintained a 2019 net profit projection of 900 million to 1.0 billion shekels.
$1 = 3.6155 shekels Reporting by Steven Scheer; Editing by Tova Cohen