Eircom has reported pre-tax losses of €16m for the three months to the end of June, in its first set of results since flotation.
Turnover was 2% lower than the same period last year at €402m. Operating profits were halved to €17m, but this included a €48m restructuring charge as the company reduced staff numbers by 400. Excluding this, operating profits nearly doubled to €65m.
Interest payments on its near €2 billion debt pushed the company into the red.
Chief executive Dr Philip Nolan described the results as 'solid', saying they were in line with the company's plans in a tough environment.
Revenues from voice telephone traffic fell 11%, but the company says this was offset by growth in revenue from line rental and broadband.
Eircom had 73,000 broadband customers at the end of the period, and Dr Nolan said it was confident of reaching its 100,000 target by the end of the year.
The shares closed up three cent to €1.49 on the ISEQ in Dublin with almost 1.7 million shares traded.
