Cable television company Tevel reported its Q1 2002 financial results today, indicating a loss of NIS 198.9 million, 70% graeter than the net loss in the parallel reporting period.

Revenue continued to drop and amounted to NIS 160.3 million, a 9.5% drop from Q1 2001.

Tevel's shareholders equity deficit continued to skyrocket, hitting NIS 1.17 billion, after NIS 970 inthe preceding quarter and just NIS 210 million in Q1 2001.

Tevel's gross loss for the quarter was NIS 26.5 million or 16% of turnover. Operating loss was NIS 101.5 million.

Tevel, whose massive debt is in shekels, posted just NIS 3.7 million in financing chages, after NIS 68 million in the parallel quarter.

The company wrote off another NIS 46 million on its investment in Golden Channels, bringing its total write off on the other cable company to NIS 400 million. The company also wrote off a deferred tax asset of NIS 52 million.