Lunedì, 22 Ottobre 2018
MILAN

Telecom Italia reports first half losses of 1.4 bn euros

English
© ANSA

Milan, August 2 - Telecom Italia on Friday reported
half-yearly losses of 1.4 billion euros on consolidated revenues
of 13.76 billion euros, down 7% from the same period last year.
The company said results were affected by 2.2 billion euros
in goodwill writedowns.
Exchange rates also took their toll. Excluding exchange
rates and other variations, gross revenues fell 2.7%.
Telecom Chairman and Chief Executive Franco Bernabe' said
Italy's economic woes and slowed growth in Latin America weighed
heavily on margins.
Telecom Italia issued a profit-warning on its gross
operating margin, which in the first half amounted to 5.236
billion euros, down 10.6%.
''In addition in Italy there was continued pressure on
prices, particularly in the Mobile Consumer market, in which
regulatory aspect added a significant negative impact,''
Bernabe' said.
''In this context, it was decided to respond strongly to
offers made by competitors on the mobile market, investing a
part of the margin to open the way for the defence and net
acquisition of clients through innovative offers converging
fixed and mobile (services),'' Bernabe' explained.
The group confirmed its forecast for consolidated revenues
and adjusted net debt of less than 27 billion euros.
Telecom Chairman Franco Bernabe' reiterated the group's
intention to spin-off its fixed-line network.
Telecom Italia stock on the Milan bourse lost 3.9% during
trading, touching 0.49 euro, near July's 16-year record low when
it dipped below 0.48 euro.

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