Seeking Alpha

Telecom Italia's net losses more than halve

  • Telecom Italia's (TI) net loss narrowed to €674M ($927.9M) in 2013 from €1.63B a year earlier, due to a smaller impairment on the goodwill of its domestic operations.
  • TI would have made a net profit of €1.5B had it not been for a €2.2B goodwill charge taken in H1.
  • Consolidated revenue declined an organic 5.2% to €23.4B.
  • EBITDA fell €804M to €9.7B.
  • Will offer to repurchase €500M in bonds.
  • Net debt drops €1.5B to €26.8B.
  • TI will pay a dividend of 0.0275 ($0.038) a piece on savings shares but nothing on ordinary shares.
  • Shares are -1.2% in Milan. (PR)

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