Bezeq blames lower revenues, net profit on MTR reductions

Israeli fixed line incumbent Bezeq has released its financial results for the three months ended 30 September 2011, revealing a 6.5% year-on-year drop in net profit on the back of a 3.8% drop in turnover. In the third quarter of its financial year Bezeq posted a net income of ILS550 million (USD148 million), down from ILS588 million in the same period a year earlier, with the company claiming that the decline stemmed ‘mainly from higher finance expenses due to, inter alia, increased debt’. Consolidated turnover for the three month period stood at ILS2.92 billion, down from ILS3.03 billion in 3Q10, with Bezeq noting that revenues from both its fixed line operations and from its mobile subsidiary, Pelephone, had been adversely affected by lower mobile termination rates (MTRs) that were introduced at the start of the year

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OVETEL Bezeq blames lower revenues, net profit on MTR reductions