Net profit falls for TI

10 Sep 2004

Telecom Italia has revealed a fall in its net profit for the year to the end of June 2004 – from EUR1.06 billion in 2003 to EUR405 million (USD494 million) The telco says the drop is a result of last year’s income being inflated by EUR1.29 billion due to tax benefits from the merger with Olivetti. Pre-tax profits, however, rose by around 80% to EUR2.35 billion with revenues for the first six months of the year climbing 0.5% to EUR15.22 billion, boosted by a strong performance at the mobile arm TIM. Net debt fell by EUR129 million to EUR33.22 billion during the same period.