Israel's Cellcom posts larger than expected second quarter loss [Reuters]
Partner Communications Company Ltd. - American Depositary Shares, each representing one ordinary share (PTNR)
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Source: Reuters
Israel's Cellcom posts larger than expected second quarter loss - Reuters 3 Min Read JERUSALEM, Aug 15 (Reuters) - Israel’s largest mobile phone operator Cellcom reported a steeper than expected second-quarter loss on Thursday, weighed down by a jump in financing costs and fierce competition in the mobile sector. The company posted a net loss of 35 million shekels ($10 million) for the April-June period, compared with a 37 million shekel loss a year earlier. Revenue dipped 0.8% to 920 million shekels. Cellcom, the first of Israel’s telecom groups to publish second quarter earnings, was forecast to lose 22.5 million shekels on revenue of 908.5 million, according to a Reuters poll of analysts. Its bottom line included 52 million shekels of financing expenses due to higher interest rates stemming from the inflation rate rising to 1.5% in the quarter as the shekel appreciates against global currencies. It had 43 million shekels of financing expenses a year ago. Israel’s mobile phone indus
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