Full year results published by Eircom for the year to the end of June show the telco had earnings before allowing for interest payments, tax and depreciation of its assets of €487 million.
That was down 10% on the previous year.
Revenue fell by 8% to just under 1.4 billion.
According to Eircom’s chief financial officer Richard Moat said the company has faced some well-documented difficulties in recent years but it was making progress in turning that around.
“The important thing about these figures this morning is that we’re seeing two consecutive quarters of earnings growth,” he said.
“That shows that the performance of the business is starting to stabilise, which is reflective of the fact that we’ve had an immense focus on cost over the last 12 months.”
Moat said the company had also launched a number of new services – including fibre broadband and 4G mobile services – which will help it to build on that progress in the months and years ahead.
He also said Eircom’s wholesale division is very important to its future, and they have “revolutionised” the way its run in recent months, which has led to a significant increase in business.
The British government is preparing to sell a stake in the Royal Mail through an initial public offering of its shares.
This morning it has announced that the range those shares will be sold at will be between 260 pence and 330 pence.
That values the Royal Mail at up to £3.3 billion – or €3.9 billion.
Between 40% and 52% of the state company will be sold on 11 October.
A leading insolvency expert predicts the sale of the IBRC loan book could lead to a number of companies applying for examinership in an effort to protect jobs.
Neil Hughes of accountants Hughes Blake says the sale of a €22 billion book of Anglo loans known as 'project Evergreen' includes a large number of small and medium sized companies.
56% of those loans are non-performing meaning the borrowers are not meeting the repayments in full.
M Hughes predicts that in some cases those loans will be taken over by investors who may simply be hoping to enforce their security and sell the assets at a profit.
In that case, he said, company owners may apply to the high court for examinership protection to try to save the business and reduce the debt burden rather than be asset-stripped.
The group representing venture capital firms in Ireland is calling for pension funds here to invest half a billion euro in fast-growing Irish technology companies.
Mark Horgan, chairman of the Irish Venture Capital Association, said Irish pension and investment funds should put 2% of their capital into indigenous technology firms.
Even if just one in three did so that would equate to €500 million, he said.