March 29, 2018 / 6:46 AM / a year ago

Israel's Partner Comms Q4 net loss widens on one-time expense

TEL AVIV, March 29 (Reuters) - Partner Communications , Israel’s second-largest mobile phone operator, reported on Thursday a wider than expected loss in the fourth quarter after it recorded a one-time expense resulting from early loan repayments.

Partner had a net loss of 50 million shekels ($14 million)in the quarter, compared with a loss of 7 million a year earlier and a forecast for a 4.25 million shekel loss in a Reuters poll of analysts.

A one-time expense of 65 million shekels for early loan repayments in the quarter was partially offset by a nonrecurring tax income of 19 million shekels.

Revenue edged up 2 percent to 834 million shekels, with its subscriber base falling by 12,000 over the prior year to 2.674 million.

Partner’s revenue and profit have plunged in the wake of a 2012 reform that opened up the mobile market to new players, sharply reducing prices. It is seeking new revenue streams and is making a push to become an integrated multi-service telecoms group.

The company said about 43,000 consumers have connected to Partner TV, an internet-based TV service offering cut-rate packages it launched in June in partnership with Netflix . ($1 = 3.5026 shekels) (Reporting by Tova Cohen Editing by Steven Scheer)

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