Telecom Italia 2014 revenues drop 5.4% to EUR21.6bn

Telecom Italia (TI) has reported consolidated revenues of EUR21.573 billion (USD24.587 billion) for the twelve months ended 31 December 2014, a year-on-year decrease of 5.4%. Meanwhile, consolidated EBITDA for the year dropped 6.8% to EUR8.786 billion. Elsewhere, the company noted that its CAPEX for 2014 increased by more than EUR500 million, to reach EUR4.984 billion, by and large attributed to its acquisition of a 700MHz 4G Long Term Evolution (LTE) licence in Brazil, where it operates as TIM Participacoes (TIM Brasil). Net income jumped to EUR1.4 billion in 2014, reversing a loss of EUR674 million the year before when results were adversely affected by a one-off impairment charge.