TI lowers growth forecasts

Telecom Italia has lowered its forecasts for annual revenue growth for the period 2006 to 2008. The telco says it expects to sales to grow at around 3% to 4% over the next few years, which is down slightly on its earlier prediction of 4%-6% growth between 2005 and 2007. EBITDA margin is expected to be stable at around 42% between 2005 and 2008. The firm also plans to cut net debt from EUR39.8 billion at the end of 2005 to EUR33.5 billion by the end of 2007.