Partner Communications Clocks 2% Revenue Growth In Q2

Partner Communications Company Ltd PTNR reported second-quarter FY22 revenue growth of 2% year-on-year to $245 million.
Service revenue rose 9% Y/Y to $202 million, and Equipment revenue fell 20% Y/Y to $44 million.
Service revenues for the cellular segment increased 9% Y/Y to $131 million, and the fixed-line segment rose 6% Y/Y to $80 million.
Cellular ARPU grew 2% Y/Y at $14; Cellular Subscriber Base rose 4% Y/Y to 3.1 million. The Cellular Churn Rate fell 50 basis points to 6.7%.
Fiber-Optic Subscriber Base rose 44.5% Y/Y to 250 thousand subscribers, Homes Connected (HC) to Partner's Fiber-Optic Infrastructure rose 46.6% Y/Y to 837 thousand. Infrastructure-Based Internet Subscriber Base rose 11.6% Y/Y to 395 thousand subscribers, and TV Subscriber Base was flat Y/Y to 224 thousand subscribers.
The gross profit from equipment sales declined 28%, reflecting foreign exchange movements, changes in the sales mix in the cellular segment, and the decrease in fixed-line sales.
EPS was $0.07. Adjusted EBITDA margin expanded 700 basis points to 32%.
Partner Communications generated $75 million from operating cash flow and held $209 million in cash and equivalents.
Price Action: PTNR shares traded lower by 3.37% at $8.31 in the premarket on the last check Thursday.