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Israel's Bezeq Telecom Q1 profit rises as mobile, satellite TV services attract more subscribers

Stock Markets May 24, 2022 05:42AM ET
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© Reuters. FILE PHOTO: The logo of Bezeq Israeli Telecommunication Corp Ltd, the country's largest telecom group, is seen outside their headquarters in Tel Aviv, Israel June 21, 2017. REUTERS/Amir Cohen/File Photo

JERUSALEM (Reuters) -Bezeq Israel Telecom reported a rise in first-quarter net profit, as its Pelephone mobile phone service and Yes satellite TV unit both drew more subscribers.

Bezeq, Israel's largest telecoms group, said it earned 322 million shekels ($96 million) in the first quarter excluding one-time items, compared with 299 million shekels a year earlier. Revenue rose 1.5% to 2.26 billion shekels.

Mobile unit Pelephone - Israel's third largest mobile operator - recorded quarterly net profit of 56 million shekels, up from 8 million shekels a year earlier. Revenue grew 11.5% to 437 million shekels driven by recovery in roaming revenues, growth in 5G plans and total subscribers.

Shares of Bezeq were up 2.65% in Tel Aviv but are down nearly 1% this year.

Pelephone's subscriber base rose to 2.583 million - 624,000 of them connected to its 5G network - from 2.492 million a year ago.

The company said its new fibre network now reaches 1.25 million households and it has 143,000 subscribers.

Bezeq's satellite TV unit Yes posted a net profit of 10 million shekels compared to breaking even a year earlier, as it added new subscribers while transitioning to Internet-based broadcasts.

"Bezeq delivered a solid set of results, driven by key performance indicator improvements across all business segments," said Barclays (LON:BARC) analyst Tavy Rosner.

($1 = 3.3529 shekels)

Israel's Bezeq Telecom Q1 profit rises as mobile, satellite TV services attract more subscribers
 

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