Partner revenue drops in 1Q09 on back of reduced interconnection rates, lower roaming revenues

22 May 2009

Israeli cellco Partner Communications, a subsidiary of Hong Kong’s Hutchison Telecom International Limited (HTIL), has released its financial results for the three months ended 31 March 2009, posting a 10.7% fall in revenue to ILS1.41 billion (USD337.2 million). The decline was primarily attributed to a 53.3% fall in revenue from the operator’s equipment sales, while service revenues also fell 2.9%, the latter of which Partner attributed to the lower roaming revenues and reduced interconnection fees. Despite the revenue drop, operating profit for the company rose 2.4% year-on-year to ILS423.7 million, while earnings before interest, tax, depreciation and amortisation (EBITDA) increased 2.6% compared to the same period a year earlier to ILS538.4 million. Net profit remained flat at ILS296.3 million.

The cellco reported that its subscriber base had increased 2.8% y-o-y, bringing its total to 2.903 million, of which it said 1.021 million were active on its 3G network. HTIL’s group results are released on 25 May.

Israel, Partner Communications Company