August 23, 2018 / 6:08 AM / in 2 months

Israel's Bezeq Telecom Q2 profit slides

JERUSALEM, Aug 23 (Reuters) - Bezeq Israel Telecom reported a more-than-expected 46 percent drop in quarterly profit, weighed down by steep declines in profit at its mobile phone and satellite TV units, amid intensifying competition.

Israel’s largest telecoms group said on Thursday it earned 195 million shekels ($53 million) in the second quarter, compared with 358 million a year earlier. Profit was also hit by an 80 million shekel provision for an early retirement plan. Revenue slipped 5.3 percent to 2.3 billion shekels.

Bezeq, which is being investigated for securities offences and is the midst of a management and corporate shake-up, was forecast to earn 207.5 million shekels on revenue of 2.35 billion, according to a Reuters poll of analysts.

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

Bezeq said it would pay a dividend of 318 million shekels, or 0.11 shekel per share, for the first half of 2018.

$1 = 3.6584 shekels Reporting by Steven Scheer

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