Domestic declines hit Telecom Italia

10 Nov 2008

Telecom Italia has reported a 12.5% drop in third-quarter net profits to EUR630 million (USD803 million), while revenues fell 1.4% to EUR7.56 billion. The telco says regulatory changes and increasing competition in its domestic market were behind the declines, though there were stronger performances from its Brazilian and German operations. Chief executive Franco Bernabe has reaffirmed the company’s full-year 2008 sales target of around EUR30 billion.

Italy, Telecom Italia (TIM)