Earnings up but revenue drops slightly at Eir
Revenue at Eir fell by 2pc year-on-year to €322m in the three months to 31 December. Revenue also declined 2pc on a half yearly basis to €638m.
Earnings before interest, taxation, depreciation, and amortisation at the State’s biggest telecoms operator were €125m, a 4pc increase year-on-year in the three month period, however this is before storm costs are taken into account.
The communications company, which on Wednesday announced that it had quit the National Broadband Plan (NBP), incurred costs of €3m in respect of repair work as a result of Storm Ophelia.
"We have continued to build momentum through the second quarter; the group has delivered another set of solid results," Richard Moat, chief executive of Eir, said.
Commenting on the company’s decision to withdraw from the tending process of the NBP, Mr Moat said that the decision was based upon "the significant commercial issues and complexity within the process, together with growing uncertainty on a range of regulatory and pricing issues that reside outside of the NBP process."
The company went on to say that it remained supportive of the Governments policy objective to bring high speed broadband to all homes and businesses across Ireland and that its current "unrivalled" investment in fibre technology was progressing.
Operating costs at the company reduced by €10m in the three month period, while on a half yearly basis costs declined by €15m or 6pc.
The company said that it now had 595,000 fibre broadband connections, 65pc of its total customer base.