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Partner Communications swings to loss in Q1

Partner Communications Company Ltd. said its normalized net income for the first quarter was a loss of 10 agorot per share, compared with 15 agorot per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 15.0 million shekels, compared with income of 23.8 million shekels in the prior-year period.

The normalized profit margin fell to negative 1.5% from 2.3% in the year-earlier period.

Total revenue fell 7.3% on an annual basis to 977.0 million shekels from 1.05 billion shekels, and total operating expenses fell on an annual basis to 977.0 million shekels from 998.0 million shekels.

Reported net income decreased 43.3% on an annual basis to 14.2 million shekels, or 9 agorot per share, from 25.0 million shekels, or 16 agorot per share.

As of May 23, US$1 was equivalent to 3.87 shekels.