Bezeq 2Q results dented by regulatory changes, competition

Israel’s Bezeq has released its financial results for the three month period ended 30 June 2012, with the operator revealing a slump in both revenue and net profit amid what chairman Shaul Elovitch called ‘comprehensive regulatory changes and intensifying competition in the various areas of operations.’ For the quarter under review Bezeq generated a consolidated turnover of ILS2.595 billion (USD679 million), down 10.3% year-on-year from ILS2.893 billion, with the company attributing the decline predominantly to lower revenues from the sale of cellular handsets and the erosion of turnover from cellular services. Indeed, Pelephone, Bezeq’s wireless subsidiary, reported total turnover of ILS1.15 billion, down from ILS1.44 billion in 2Q11, a decline of more than 20%

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OVETEL Bezeq 2Q results dented by regulatory changes, competition