Telecom Italia reports quarterly profit plunge

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Telecom Italia's turnover for the first quarter was down 11.9 percent from 12 months earlier at €5.18 billion.Telecom Italia photo: Shutterstock
12:39 CEST+02:00
Telecom Italia on Tuesday said its first-quarter net profits were down 39 percent at €222 million from the equivalent figure last year due to falling revenues on its recession-hit domestic market.

The turnover for the first quarter was also down 11.9 percent from 12 months earlier at €5.18 billion.

"We are in line with our plans and targets, which see a progressive acceleration in year-on-year recovery," chief executive Marco Patuano said in a statement.

It said in 2014 it expected "a further overall fall in the domestic market, in any case more moderate than that seen in 2013, and the growth of the Brazil market".

The group said it had a net debt of €27.5 billion, which was €1.2 billion less than in the same quarter a year earlier but higher than in the previous quarter when debt was at €26.8 billion.

Telecom Italia shareholders last month nominated Giuseppe Recchi to had up the company's board in an operation aimed at giving greater leeway for Patuano to reduce debt and find financing.

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