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Telecom Italia's debt below 27 bn target

Net loss narrowed to 674 million

07 March, 11:54
Telecom Italia's debt below 27 bn target (ANSA) - Milan, March 7 - Telecom Italia achieved its debt reduction target in 2013 with net debt cut to 26,807 billion euros, Italy's main phone company said in a statement on Friday.

Debt was down 1.5 billion on the previous year.

The company closed 2013 with a net consolidated loss of 674 million euros on which weighed a 2.2 billion euro goodwill charge made in the first semester.

While still struggling on its domestic market - a performance counterbalanced by the resilience of its Brazilian business - it said its board had decided not to pay dividend on ordinary shares.

Telecom Italia will pay 2.75 euro cents a piece on savings shares Consolidated revenue declined 5.2% to 23.4 billion euros.

Liquidity on 31 December 2013 totalled 13.6 billion euros.