Israel's Bezeq Tel third quarter profit slips, headed for big loss in 2019

Israel's Bezeq Tel third quarter profit slips, headed for big loss in 2019
FILE PHOTO - The logo of Bezeq Israeli Telecommunication Corp Ltd, the country's largest telecom group, is seen outside their headquarters in Tel Aviv, Israel June 21, 2017. REUTERS/Amir Cohen -
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TELAVIV (Reuters) – Bezeq Israel Telecom <BEZQ.TA> reported a slightly bigger than expected decline in quarterly profit, and reiterated it was on track for a large 2019 loss after two major write-downs in its business units.

Israel’s largest telecoms group, which is the process of a change in ownership, said on Monday it earned 191 million shekels ($55 million) in the third quarter, compared with 234 million a year earlier. Bezeq attributed the decline mainly to higher financing expenses.

Revenue slipped 2.3 percent to 2.25 billion shekels.

Bezeq was forecast in a Reuters poll of analysts to post net profit of 198 million shekels on revenue of 2.23 billion.

The company maintained its 2019 forecast of a net loss of 1.1 billion shekels.

(Reporting by Steven Scheer; Editing by Tova Cohen)

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