Partner Communications Q1 Net Profit Down 43%

Partner Communications Company Ltd

reported a 43% decline in its first-quarter profit. Partner's quarterly net profit dropped to 146 million shekels ($39 million), from 254 million, in the year-ago period. Its earnings before interest, depreciation, taxes and amortisation (EBITDA) declined 25% to 438 million shekels. Revenue dropped 11% to 1.57 million. Partner Communications was expected to post profit of 157 million shekels, EBITDA of 459 million on revenue of 1.57 billion shekels. The company's subscriber base fell 2% to 3.147 million. Partner Communications shares closed at $4.91 yesterday.