Eircom sees drop in revenue & earnings

Eircom has reported a drop in revenue for the three months to the end of December and a fall in earnings for the same period.
Revenue was down 6 percent to 361 million euro, while earnings dropped 8 percent to 119 million.
The company said its operating costs came to 157 million euro – an improvement of 7 percent on the same time in 2011.
Meanwhile efforts continue to make savings at the company.
Richard Moat is chief financial officer of Eircom.
He says they expect around 600 people to leave the company under a redundancy scheme introduced in January, which will lead to further savings.
“We’re going to see around – or just over – 600 people leaving the business by the end of this financial year, by the 30th of June” he said.
“That is a significant first step towards that target of a staff reduction of 2,000 – which we set last October – and also is going to contribute towards the 100 million in operating expenditure savings which we’re forecasting for this year and next”.
“So we think we’re making good progress” he added.