Telecom Italia profit drops 10% in 2008

2 Mar 2009

Telecom Italia (TI) has reported net profit of EUR2.21 billion (USD2.80 billion) for 2008, down almost 10% on the EUR2.45 billion recorded in 2007. Sales dropped 3% to EUR30.16 billion, well below the company’s own target range of EUR30.4 billion-EUR30.5 billion. Sales for the fourth quarter fell from EUR8.17 billion in 4Q 2007 to EUR7.89 billion in the final three months of last year, while net profit increased from EUR228 million to EUR444 million over the same period. Italy’s dominant wireline and cellular operator saw the number of fixed access lines fall 9.7% year-on-year to reach 17.35 million, though broadband connections were up 8.7% to 8.13 million. The domestic mobile business TIM reported just under 34.8 million customers at the end of 2008, down from 36.33 million a year before. TI has confirmed that its German internet business HanseNet is up for sale, along with its stake in Cuban telco Etecsa.

Italy, Telecom Italia (TIM)