Bezeq Israeli Telecommunication Co. Ltd. (TASE: BEZQ) today reiterated its full-year guidance, after reporting double-digit net profit growth on smaller revenue for the third quarter of 2013.
Revenue fell 3.8% to NIS 2.40 billion for the third quarter from NIS 2.49 billion for the corresponding quarter, but net profit rose 31.3% to NIS 449 million from NIS 342 million. Cash flow from operations rose to NIS 1.14 billion from NIS 1.02 billion.
Bezeq reaffirmed its full-year net profit guidance of NIS 1.7-1.8 billion and more than NIS 2.7 billion in free cash flow.
Fixed-line revenue fell 1.9% to NIS 1.13 billion for the third quarter from NIS 1.15 billion for the corresponding quarter, as lower telephony revenue was offset by higher Internet services, transmission, and data service revenue. Net profit rose 46.3% to NIS 360 million from NIS 246 million. The company had 2.22 million access lines at the end of September, 1,000 fewer than at the end of June.
"We are meeting our ambitious deployment targets for the optical fiber network as well as continuing to upgrade the NGN. On the cellular side, we look forward to the anticipated publication of the LTE frequency auction which will allow for the operation of the 4G network in Israel," said Bezeq chairman Shaul Elovitch.
Published by Globes [online], Israel business news - www.globes-online.com - on November 7, 2013
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