Partner Communications Ltd. (Nasdaq: PTNR; TASE: PTNR) reported its third quarter results this morning. The company posted a net quarterly profit of NIS 54 million, 2.8 times the net profit in the corresponding quarter of 2016. Total revenue fell 3% in comparison with the corresponding quarter to NIS 826 million.
Partner's share price is currently up nearly 6% on the Tel Aviv Stock Exchange.
Partner, headed by CEO Isaac Benbenisti, reports that 30,000 households have signed up to its television service Partner TV, which it launched a few months ago. According to Benbenisti, the rate of subscription to the service is higher than the company projected, and thousands more new subscribers will shortly be connected to the service. He added that most of the television service subscribers had joined in the framework of the company's bundle and triple offerings, which include ISP and Internet infrastructure components.
Partner's revenue from services fell 5% to NIS 666 million in the third quarter, while revenue from equipment sales rose 6% to NIS 160 million. Operating profit rose by 44% to NIS 92 million and EBITDA totaled NIS 239 million, 9% more than in the corresponding quarter of 2016.
Partner added 15,000 mobile telephony subscribers net in the third quarter, bringing its subscriber base to 2.68 million. 33,000 post-paid subscribers joined, while 18,000 pre-paid subscribers left. The churn rate was 9.3%. ARPU (monthly average revenue per user) was NIS 64.
Published by Globes [online], Israel business news - www.globes-online.com - on November 21, 2017
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