November 18, 2019 / 6:56 AM / 20 days ago

Israel's Bezeq Tel Q3 profit slips, headed for big loss in 2019

TEL AVIV, Nov 18 (Reuters) - Bezeq Israel Telecom reported a slightly bigger than expected decline in quarterly profit, and reiterated it was on track for a large 2019 loss after two major write-downs in its business units.

Israel’s largest telecoms group, which is the process of a change in ownership, said on Monday it earned 191 million shekels ($55 million) in the third quarter, compared with 234 million a year earlier. Bezeq attributed the decline mainly to higher financing expenses.

Revenue slipped 2.3 percent to 2.25 billion shekels.

Bezeq was forecast in a Reuters poll of analysts to post net profit of 198 million shekels on revenue of 2.23 billion.

The company maintained its 2019 forecast of a net loss of 1.1 billion shekels. ($1 = 3.4904 shekels) (Reporting by Steven Scheer; Editing by Tova Cohen)

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