TI H1 turnover dips 4.3%

7 Aug 2015

Telecom Italia (TI) has reported a 4.3% annual decline in revenue for H1 2015, registering turnover of EUR10.10 billion (USD11.02 billion) for the six-month period, compared to EUR10.55 billion in the corresponding period of 2014. The decline was most pronounced in its Brazilian division, which saw a 10.7% slump in revenue to EUR2.69 billion from EUR3.01 billion in H1 2014. Its domestic unit, by comparison, saw revenue edge down by 2.1%, despite a EUR34 million increase in turnover from International Wholesale services. Rising operating costs further impacted the group, resulting in a 16.4% year-on-year decline in EBITDA to EUR3.63 billion, whilst net profit slumped to EUR439 million, compared to EUR832 million twelve months previously.