Israel’s Bezeq Warns Of Possible Write Down In Mobile Phone Unit

Bezeq Israel Telecom said on Monday it may have to write down the value of mobile unit Pelephone by 800 million shekels to 1.1 billion shekels ($227-$312 million).

Bezeq, Israel’s largest telecoms group, said the figure was an initial internal assessment and that a valuation will be performed by an external appraiser. As a result, the amount of the impairment in the company’s books may be different, it said.

Amid fierce competition, Pelephone’s net profit slid 78% to 2 million shekels in the first quarter, with its subscriber base falling to 2.22 million from 2.55 million at the end of 2018.―Reuters