Telecom Italia argued its Q4 performance was an indicator that a two-year transformation effort was beginning to show results, while its net profit for the period surged on the back of a tax realignment.
In a statement, the operator said it had spent two years streamlining its organisational structure, optimising processes and undergoing a major repositioning of the business with the creation of new development opportunities, thanks to key strategic agreements.
It said the commercial strategy implemented since 2018 had led to a stabilisation of service revenue in the fixed-line segment during Q4 2020, while “the first signs of rationality in the mobile market were felt”.
Overall revenue amounted to €4.1 billion, down 2.1 per cent year-on-year, while service revenue dipped 1.2 per cent to €3.7 billion.
Domestic revenue hit €3.4 billion, down slightly from €3.6 billion, while the figure in Brazil fell 2 per cent to €725 million.
The main bright spot for the quarter was net profit of €6 billion, up from €64 million, mainly due to a domestic tax realignment.
Excluding this effect, net profit would have been €1.3 billion.
Net financial debt fell by €4.3 billion to €23.3 billion, while the number of mobile lines stood at 30.2 million, down slightly from 30.9 million.
The company confirmed a dividend of €0.01 per ordinary share for 2021.
Separately, the company’s board of directors also proposed current CEO Luigi Gubitosi stay in the role for another term.
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