Israeli telecoms firm Partner eyes more cost cuts after third quarter loss | Reuters

Israeli telecoms firm Partner eyes more cost cuts after third quarter loss | Reuters

Israeli telecoms group Partner Communications moved to a net loss in the third quarter, citing a loss of roaming revenue due to a steep decline in tourists caused by the coronavirus pandemic.

Partner, Israel’s second-largest mobile operator, said on Wednesday it lost 5 million shekels ($1.5 million) in the July-September period, compared with a profit of 7 million shekels a year earlier.

Revenue dropped 3% to 800 million shekels, hurt by restrictions on international travel that lowered roaming services and reduced activity in shopping malls, while the sector as a whole remains competitive and faces price erosion.

“Despite the effects of the coronavirus crisis, Partner’s results exhibit stability and resilience in the third quarter due to the consistent growth in the fixed-line segment, which contributes to a revenue mix that establishes long-term financial strength,” said CEO Isaac Benbenisti.