Partner Communications slides PM on Q2 results

|About: Partner Communications Company Ltd. (PTNR)|By:, SA News Editor

Shares of Partner Communications (PTNR) are down 1.4% PM following the company's Q2 results.

Opex fell 16% Y/Y to $241M, lagging revenue decline of 21% to $312M.

Adjusted EBITDA fell 34% Y/Y to $77M. EBITDA margin slid 5% to 25%.

FCF of $79M fell 8% Y/Y.

Cellular ARPU slid 18% Y/Y to $23. Cellular subscriber base was down 6% Y/Y to 2.92M. Price erosion is attributed by management to "increased competition due to the entry of ... new operators and MVNOS." (PR)

PTNR has been under pressure this week as the Syrian situation escalates and after rival Cellcom reported depressed Q2 results last week. The stock is down 14.5% in the last week but remains up 16.5% YTD.