Cellular provider Partner posts 90% growth in operating profit in Q1

Cellular provider Partner Communications (Nasdaq, TASE:PTNR, LSE:PCCD) shares gained 6.3% after the company posted NIS 103.8 million operating profit in the first quarter, 90% more than in the fourth quarter last year, when operating profit came to NIS 54. 4 million.

Earnings before interest, taxes, depreciation and amortization grew to NIS 225.9 million, compared with NIS 204.1 million in the fourth quarter of 2001. That year the company first posted positive EBITDA of NIS 656.4 million, compared with NIS 58.7 million negative EBITDA in 2000.

Revenue in the first quarter this year grew to NIS 929.5 million, 5% more than in the fourth quarter last year, when revenue came to NIS 881 million.

Loss came to NIS 22.9 million, 13 agorot loss per share. This is 33% less than loss in the fourth quarter last year, when the company lost NIS 34.2 million. Loss in 2001 came to NIS 303.4 million.

Average revenue per user slid to NIS 184, compared with NIS 195 in the fourth quarter last year. ARPU is very significant for the company. Today it is clear that growth in the volume of subscribers will be limited, and that Partner's ability to increase revenue will depend on its increasing income from existing subscribers, mainly through enhanced services.