Partner Communications' revenues up, will use cash to repay notes

By Lisa Kerner

Charlotte, N.C., Nov. 23 - Partner Communications Co. Ltd. reported total revenues for the third quarter of 2011 of $472 million, an increase of 6% over the prior-year period.

The company's net profit fell 44% from the third-quarter 2010, to $47 million.

Partner had net debt at the end of the quarter of NIS 4.7 billion and free cash flow of NIS 376 million, or $101 million, a decrease of 23% from 2010.

The high level of cash on Partner's balance sheet will be partially used for the repayment of series A notes in the next two quarters, according to a company news release.

Chief executive officer Haim Romano said his company's financial results were impacted by regulatory changes and increased competition in the cellular market.

Partners' board of directors approved a dividend for the third quarter of 2011 of $0.24 per share or ADS, for a total of about $38 million.

Partner Communications is a Rosh Ha'ayin, Israel, mobile communications operator.

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