TEL AVIV, Aug 25 (Reuters) - Bezeq Israel Telecom said on Sunday it would have to write down the value of mobile unit Pelephone by 951 million shekels ($271 million) in the second quarter.
Bezeq, Israel’s largest telecoms group, last month provided an initial assessment for a write-down of up to 1.1 billion shekels.
Bezeq said Pelephone’s board has approved its second quarter results, that includes a 1.2 billion shekel write-down in the value of its operations. Bezeq will report second quarter results later this week.
Amid fierce competition, Pelephone’s net profit slid 78% to 2 million shekels in the first quarter, with its subscriber base falling to 2.22 million from 2.55 million at the end of 2018. ($1 = 3.5078 shekels) (Reporting by Tova Cohen Editing by Steven Scheer)