TIM reports big net loss for FY 2021

Telecom Italia (TIM) has reported a drop in sales and a significant net loss for full-year 2021. Revenues fell to EUR15.32 billion (USD17.01 billion) in FY 2021, down from EUR15.81 billion the previous year, while EBITDA dropped from EUR6.74 billion to EUR5.08 billion over the same period. The group said a net loss of EUR8.65 billion could be attributed to a EUR4.1 billion impairment of domestic goodwill and a EUR3.8 billion write-off of deferred tax assets. CAPEX for the year climbed to EUR4.63 billion, from EUR3.41 billion in 2020.