Lunedì, 24 Settembre 2018

Telecom Italia share price slides on 2012 results


Milan, February 8 - Telecom Italia's share price
took a dive on Friday after the company posted ''fairly weak''
preliminary results for 2012.
The price of shares in Italy's main telecommunications
provider fell by 5.7% during early trading on the Milan exchange
and operations had to be suspended briefly.
Share prices subsequently crept back up again but then fell
by 4.31% on the announcement by Telecom's board of directors
that it would be halving annual dividends to 450 million euros
as part of its new three-year plan.
Last year the group cut dividends by 23% to 900 million
Earlier in the day Telecom announced consolidated revenues
of 29.5 million euros for 2012 (up 0.5% over the previous year),
consolidated net income of 11.67 million euros (down 2% over
2011) and a net debt of 28.27 billion euros.
The figure represented an improvement over the 30.41-
billion-euro debt registered at the end of 2011 but fell short
of the company's 27.5-billion-euro target for last year.
''The steady pursuit of efficiencies has enabled the group
to close the 2012 financial year with operating results in line
with its targets,'' said Executive President Franco Bernabe'.
''Such results are even more significant, achieved as they
were in an extremely tough economic climate with the persisting
recession and market difficulties in Italy, and a slowdown in
growth in Brazil and Argentina (where Telecom has
subsidiaries)'', he said.

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