Partner Communications Posts Lower Q4 Profit

Israel's

reported a decline in its profit for the fourth quarter. Partner's quarterly earnings dropped 48% y/y to 24 million shekels ($5.9 million). However, analysts were expecting a profit of 29 million shekels. Its revenue slipped 2% to 1.11 billion shekels. Service revenue fell 12%, while equipment revenue climbed 46%. Adjusted EBITDA slipped 12% to NIS 249 million (US$ 64 million) in the quarter, while operating profit declined 29% to NIS 73 million (US$ 19 million). Mr. Haim Romano, CEO of Partner said, "2014 was characterized by further escalation in the level of competition in the telecommunications market in Israel resulting in erosion of revenues and profitability of the Company. At the same time, we remained loyal to implementing the Company's strategy and continued to advance its core elements: investment in technology and innovation and a focus on customer experience." Partner Communications shares fell 4.79% to close at $3.58 yesterday.