JERUSALEM: Bezeq Israel Telecom reported a 56% rise in quarterly net profit, boosted by sharp growth in subscribers to its fibre optics network and in 5G customers at its mobile unit.

Bezeq, Israel's largest telecoms group, said on Tuesday it earned 482 million shekels ($146 million) excluding one-time items in the third quarter, up from 309 million shekels a year earlier.

Bezeq said profit was helped by a higher valuation of its Yes television unit, which together with subscriber growth and expense reduction pushed up adjusted quarterly net profit at Yes to 214 million shekels from 12 million shekels a year ago.

Revenue slipped 4% to 2.15 billion shekels but core revenue, which comprises 93% of the total, rose 2% to 2 billion shekels.

Bezeq said it had largely completed its fibre optics network to cover 2.9 million of Israel's 3.1 million households and that in 2026 it should start to see a gradual decline in capital expenses.

Bezeq said profit at mobile unit Pelephone excluding one-off items fell 10%, without elaborating on reasons for the dip. However, revenue grew 2.2% to 517 million shekels on the heels of a 13% rise in more lucrative 5G subscriptions, it said. ($1 = 3.3045 shekels) (Reporting by Steven Scheer; Editing by Aidan Lewis)