World VoIP NewsTelecom Italia cuts growth targetTelecom Italia cuts growth target

Telecom Italia cuts growth target


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Telecom Italia (TI) has cut its medium-term revenue growth target from 2% per year between 2009 and 2011, to 1% per year between 2010 and 2012.
Telecom Italia (TI) has cut its medium-term revenue growth target from 2% per year between 2009 and 2011, to 1% per year between 2010 and 2012.

The telco also revealed that it plans to make greater savings in order to reduce its EUR34 billion (USD46 billion) debt pile; that it will keep its dividend unchanged despite a 27% decline in restated net income for 2009 to EUR1.6 billion; and that it has set aside EUR507 million for risks relating to its Sparkle unit following the launch of a money laundering probe into the company’s activities.

CEO Franco Bernabe said the group’s objective was to ‘stabilise organic EBITDA for the third consecutive year in 2010 ... thanks to the contribution from Brazil which recorded good progress in the first three months of the year’.


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