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Partner Communications Turns Around Net Profit, but Underlying Performance Weakens
Published on:
Iaraeli mobile network operator, Partner Communications has reported that its fourth-quarter revenues fell by 21% to NIS 1.3 billion (US$337 million), although the company was able to turnaround the income and report a net profit of NIS 102 million (US$27 million), compared with a loss of NIS 188 million a year ago.
However, that loss a year ago was due to a write down of NIS 311 million, so the underlying performance was a decline in Q4 profits compared to a year ago.
Commenting, Mr. Haim Romano, Partner's CEO, said: "In 2012, the level of competition in the Israeli telecommunications market greatly intensified and as a result, the significant price erosion in the market impacted the Company's business results as reflected in our financial statements. These trends have continued into the first months of 2013."
The company has also taken significant efficiency measures -- which resulted in the loss of nearly a third of the staff last year, or nearly 2,500 redundancies.
At the end of December 2012, the company's active cellular subscriber base (including mobile data and 012 Mobile subscribers) was approximately 2.98 million including approximately 2.1 million Post-Paid subscribers or 71% of the base, and approximately 874 thousand Pre-Paid subscribers, or 29% of the subscriber base.
During 2012, the subscriber base declined by approximately 200 thousand, of which 180 thousand was Post-Paid subscribers.
Total cellular market share at the end of 2012 was estimated to be approximately 29%, compared with 32% at the end of the previous year.
Tags: [partner communications] [Israel]
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