Net income increases 95%
Telecom Italia has reported a 95% increase in net income to E444m ($558.77m) for the fourth quarter 2008, compared to E228m ($286.9m) in the year-ago quarter, on revenue down 3% at E7.75 billion ($9.75 billion).
Operating income grew 88% to E1.25 billion ($1.57 billion), while EBITDA grew 26% to E2.74 billion ($3.44 billion).
The company said domestic revenue was almost flat at E6.1 billion ($7.67 billion). European broadband revenue fell 4% to E313m ($393.9m), and Mobile Brazil revenue fell 11% to E1.23 billion ($1.54 billion). Media revenue fell 9% to E77m ($96.9m), Olivetti revenue fell 20% to E100m ($125.8m), and other activities revenue fell 76% to E20m ($25.16m).
For fiscal 2008 the company reported a 10% decline in net income to E2.21 billion ($2.78 billion) compared to E2.44 billion ($3.07 billion) a year ago, on revenue down 3% at E30.15 billion ($37.94 billion).
Last December the company announced plans to sell non-core assets and make further job cuts as part of a restructuring plan to save E2 billion ($2.52 billion).
Franco Bernabe, CFO at Telecom Italia, said: More robust cash flow generation and a further reduction in levels of debt over the next three years will strengthen Telecom Italia’s role as a leading technology development enterprise.