Tele­com Italia posts 1.6 bn loss

The Pak Banker - - 6BUSINESS -

Tele­com Italia SpA (TIT), Italy’s big­gest phone com­pany, re­ported a 2012 loss af­ter tak­ing a big­ger-than- ex­pected good­will write­down of more than 4 bil­lion eu­ros ($5.2 bil­lion). The net loss was 1.6 bil­lion eu­ros, com­pared with a loss of 4.8 bil­lion eu­ros in 2011, the Mi­lan-based com­pany said yes­ter­day. The write­down was re­lated to the pur­chase of Olivetti in 1999 and the ac­qui­si­tion of Tele­com Italia Mo­bile mi­nori­ties in 2005, Tele­com Italia said. As com­pe­ti­tion and con­tract­ing economies in Europe hurt sales and prof­itabil­ity at the re­gion’s former phone mo­nop­o­lies, Tele­com Italia has an­nounced div­i­dend cuts and is work­ing on as­set sales. Its Tele­com Italia Me­dia SpA (TME) unit this week agreed to sell the La7 tele­vi­sion chan­nel to Cairo Com­mu­ni­ca­tion.

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