Eircom earnings take hit

Eircom said there had been a significant reduction in earnings in the second half of 2011, as expected, and it had lowered forecasts for its future performance because of problems cutting costs further.

“The results indicate declining trends caused by ... continued reduced customer confidence and heightened industry competition,” Eircom said yesterday, after presenting an updated business plan to lenders.

It said the reduction in earnings was based around the consumer and small business unit and, in the mobile segment, by reduced market share.