Partner profit plunges 52%

Haim Romano
Haim Romano

CEO Haim Romano has stepped down and been replaced by deputy CEO Isaac Benbenisti.

After yesterday's drama, in which CEO Haim Romano stepped down after three and a half years in the job, and was replaced by Isaac Benbenisti, communications company Partner Communications Ltd. (Nasdaq: PTNR; TASE: PTNR) today reported a 52% plunge to NIS 25 million in its net profit in the first quarter.

Partner's revenue was down 4% to NIS 1.05 billion. Revenue from services shrank 13% to NIS 759 million, while revenue from sales of telephones shot up 30% to NIS 295 million.

Partner's free cash flow (FCF) plummeted 86% to NIS 21 million.

Average monthly revenue per cellular subscriber totaled NIS 69 in the first quarter, down 10%, compared with the corresponding quarter last year.

The number of Partner's cellular subscribers fell 63,000 to 2,774,000 at the end of the quarter, compared with NIS 2,837,000 at the end of 2014.

Benbenisti has been deputy CEO at Partner for the past eight months. Romano brought him to the company as his future replacement.

Published by Globes [online], Israel business news - - on May 20, 2015

© Copyright of Globes Publisher Itonut (1983) Ltd. 2015

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