Israel’s Bezeq warns 2018 net profit to be 15 percent below forecast

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Bezeq Israel Telecom said on Sunday its 2018 net profit would be about 15 percent lower than its forecast, mainly due to one-time items and not because of a decline in its ongoing activities.

Bezeq, Israel’s largest telecoms group, had forecast net profit of 1 billion shekels ($277 million) prior to this warning.

The company said its revised forecast does not include expenses for the early retirement of 337 workers, which in December it said would reduce net profit by 464 million shekels..

Bezeq said its free cash flow was now expected to be 12 percent above forecast while it sees no substantial change to its earnings before interest, tax, depreciation and amortisation (EBITDA).

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