Israel’s Bezeq posts USD162 million loss

7 Mar 2003

Israel’s largest telecommunications service provider Bezeq posted a second consecutive quarterly loss for the three months to 31 December 2002 largely due to writedowns on a loan to its partner in a mobile joint venture. In an e-mailed statement Bezeq said its Q4 loss widened to ILS786 million (USD162 million) from ILS343 million, following the incurment of a ILS844 million charge for a loan used by Shamrock Holdings to buy a 50% stake in Pele-Phone Communications.