Israeli telecommunications operator Partner Communications Co. Ltd. (PTNR), Monday, reported a higher second-quarter net income, on a remarkable increase in subscriber base offset by lower revenues due to decrease in averages monthly usage per subscriber and average monthly revenue per subscriber.
Net income increased 2.1% to NIS 288 million or US$73 million from NIS 282 million for the second quarter of 2008. Earnings per share or ADS rose to NIS 1.86 per share, or US$0.48 per share from NIS 1.79 per share last year.
On average, two analysts polled by Thomson Reuters expected the company to report earnings of US$0.51 for the quarter. Analysts' estimates typically exclude one-time items. Total revenues decreased 1.6% to NIS 1.51 billion, or US$386 million, from NIS 1.54 billion for the second quarter of 2008. Analysts had consensus revenue estimate of US$387.59 million for the quarter.
The subscriber base increased by 41,000 during the latest quarter to reach 2.944 million, including 1.102 million 3G subscribers, the company said.
The average monthly usage per subscriber decreased 1.1% to 364 minutes from 368 minutes in the comparable quarter. The average monthly revenue per subscriber decreased 3.8% to NIS 151 from NIS 157 in the year-ago period.
The slight decrease of 0.7% in service revenues to NIS 1.36 billion or US$347 million from NIS 1.37 billion primarily reflected the impact of the lower roaming activity, as well as lower voice revenues, partially offset by a growth in total network minutes. Equipment revenues fell 8.9% to NIS 154 million, or US$39 million, from NIS 169 million for the year-ago period.
First-half net income increased to NIS 584 million or US$149 million from NIS 578 million for the same period in 2008. Earnings per share or ADS was NIS 3.79 per share, or US$ 0.97 per share compared with NIS 3.66 per share a year ago.
Six-month revenues decreased to NIS 2.926 billions, or US$747 million, from NIS 3.120 billion for first half 2008.
The company also announced that its Board has approved a dividend of NIS 1.49, or US$0.38 per share or ADS for the second quarter to shareholders and ADS holders of record on September 30, expected to be paid on October 13.
PTNR is currently trading at US$17.36 on the Nasdaq, down US$0.23 or 1.31%.
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