TI to cut more costs

29 Jul 2005

Telecom Italia (TI) has announced a string of extra cost-cutting measures as part of its attempts to chip away at its debt mountain. With a two-year debt reduction plan already well underway, the Italian incumbent has said it will reduce this year’s capex by a further EUR16 million and trim EUR5 million from its marketing budget. TI’s mobile division, Telecom Italia Mobile, was reintegrated into TI at the end of June, a move which hoisted net debt to EUR44.1 billion, up from EUR32.9 billion at the end of 2004.