Israel’s Bezeq Telecom reports 15% Q1 profit gain, shares up

JERUSALEM: Bezeq Israel Telecom reported on Thursday a 15% rise in quarterly profit to beat estimates, and reiterated its calls for regulatory approval to merge units to better compete in Israel’s increasingly competitive market.

Its shares were up 5 percent in early trade in Tel Aviv.

Bezeq, Israel’s former telecoms monopoly, has been locked in a battle with the Communications Ministry over its bid to merge its four business units to save costs and offer packages.

The regulator fears Israel’s largest telecoms firm will use its power to stifle competition.