ERUSALEM: Cellcom , Israel’s largest mobile phone operator, reported sharply higher quarterly profit that met estimates, saying the erosion in cellular revenue had moderated while it will continue to invest in its TV service.
Cellcom said on Wednesday it earned 44 million shekels ($11.6 million) in the second quarter, up 267% from a year earlier. Revenue dipped 1.1% to 1.03 billion shekels and it took a 13 million shekel expense related to a voluntary retirement plan.
The company was forecast to earn 42 million shekels on revenue of 1.02 billion shekels, according to a Reuters poll of analysts.
Israel’s mobile phone industry was shaken up in 2012 with the entry of a host of new operators, sparking a price war that led to steep drops in subscribers, revenue and profit for Cellcom and two incumbent rivals.