Eircom in the red after early debt clearing

EIRCOM has gone into the red, suffering an after-tax loss of 10 cents a share — €108 million in the three months ending June 30 last.

This follows a jump of €156m in financing costs arising from the early repayment of company debt. This loan restructuring is related to the takeover by the Babcock & Brown consortium which is due for completion later this month.

While total revenues rose by 21% on the corresponding quarter last year to €483m, operating profits actually fell from €112m to €81m during the period in question.