independent

Saturday 19 April 2014

Eircom revenues and earnings fall in fourth quarter 2012

EIRCOM bosses have insisted the company is performing to expectations despite revenue and earnings falling again in the last quarter.

Releasing results this morning for the three months to the end of December, the company said that revenue fell 6pc to €361m in the period, while earnings before interest, tax, depreciation and amortisation (EBITDA) fell 8pc to €119m.

That decline in EBITDA still outpaced the fall in operating costs at the group, which fell 7pc to €157m.

But the rate of decline in EBITDA was slower than the 10pc fall Eircom recorded in the three months to the end of September.

Eircom, which also owns the Meteor mobile service, said that its total customer base stood at 2.44m at the end of December.

The company exited what was the country’s biggest ever examinership last year. Senior lenders took control of the business under a deal that slashed Eircom's debts from about €4bn to €2.3bn.

Chief financial officer Richard Moat said that Eircom’s fixed-line losses are reducing and that the group is outperforming the mobile segment.

“In addition, we are making steady progress in our €100m cost reduction programme,” he said.

Eircom said last year that it is planning to lay off about 2,000 more staff to bring its headcount to 3,500.

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