JERUSALEM, Aug 29 (Reuters) - Bezeq Israel Telecom swung to a loss in the second quarter and forecast a big loss for 2019 after two major write-downs in its business units.
Israel’s largest telecoms group said on Thursday it lost 1.57 billion shekels ($448 million) in the quarter, compared with a profit of 195 million shekels a year earlier.
Revenue dropped 4.7 percent to 2.22 billion shekels.
Bezeq, as expected, reported for the quarter a tax-connected write-down of 1.17 billion shekels in its satellite TV unit YES and an additional 951 million shekels from the decline in value of its cellphone operator Pelephone.
The company revised its 2019 forecast to a net loss of 1.1 billion shekels versus a previous forecast of a profit of 900 million to 1 billion shekels.
$1 = 3.5078 shekels Reporting by Ari Rabinovitch; Editing by Tova Cohen