May 21, 2020 / 6:13 AM / 8 days ago

Israel's Bezeq Telecom Q1 profit up, little impact from coronavirus

JERUSALEM, May 21 (Reuters) - Bezeq Israel Telecom reported higher quarterly profit amid a drop in financing expenses and said it was unable to issue a 2020 outlook due to the coronavirus outbreak.

Bezeq, Israel’s largest telecoms group, said on Thursday it earned 332 million shekels ($94.5 million) in the first three months of 2020, compared with 300 million a year earlier.

Revenue slipped 3.1% to 2.19 billion shekels, while financing expenses slid 65.7% to 34 million shekels.

Bezeq said it was unable to publish an accurate outlook for 2020 and would “consider, depending on the situation, the appropriate date for publishing guidance for the group results.”

It added that while the crisis had harmed its mobile unit Pelephone, “the total impact of the COVID-19 pandemic on the financial condition of the group companies was immaterial in the first quarter of 2020.” ($1 = 3.5126 shekels) (Reporting by Steven Scheer; Editing by Tova Cohen)

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