EIRCOM HAS RELEASED a disheartening statement to accompany news of a drop in revenues.
The company has announced a drop of 11 per cent for the first quarter of the year and says that “the economic and competitive environments are unlikely to improve in the near term” reports Breaking News.
1,000 jobs will be lost at Eircom over the next two years. 1,500 have already left voluntarily.
Eircom has lost 9,000 broadband customers, gained 14,000 bill pay mobile customers, but lost 22,000 pre-pay users. Revenues for mobile customers fell by 17 per cent in the first three months of the year.
RTE reports that Eircom is likely to breach agreements with its lenders within the next three months. Chief executive Paul Donovan says that discussions with lenders and shareholders will have to be accelerated in order to deal with any breaches.
Eircom says that fewer customers, customers spending less money and reduced mobile termination rates are among the factors contributing to its woes.
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