Eircom posts €16m quarter loss

EIRCOM has posted a pre-tax loss of €16 million for the quarter to June, due to interest payments and a one-off charge.

Chief executive Philip Nolan said the results were solid and in line with the firm's plans. The figures are the first results since it returned to the stock market. Turnover for the period was down by 2% to €402m from the same period last year.

Operating profits dropped by around 50% to €17m, though this included a restructuring charge of €48m for a reduction of 400 in staff numbers. Without exceptionals for restructuring, operating profits close on doubled to €65m. The loss compares with a profit of €2m for the same period last year. The interest charge came in at €33m for the quarter, up from €32m last year.