February 8, 2013 / 7:00 AM / 5 years ago

CORRECTED-Telecom Italia misses net debt target

(In second paragraph, corrects EBITDA to 11.67 billion euros, from 8.45 billion.)

MILAN, Feb 8 (Reuters) - Italy’s Telecom Italia said on Friday its adjusted net debt fell to about 28.3 billion euros ($37.9 billion) at the end of 2012, missing its own target of 27.5 billion euros.

The former telecoms monopoly said 2012 core profit, or EBITDA, declined 4.2 percent to 11.67 billion euros, as revenues fell 1.5 percent to 29.50 billion euros, both below analyst expectations.

The declines came amid a continued recession in Italy and a slowdown in growth in Brazil and Argentina.

Chairman Franco Bernabe said thanks to cost cuts the operating results were in line with the company’s targets.

“The group continues to pursue debt reduction through robust cash generation, which will help to fund the development of network infrastructure in Italy and abroad, which we believe is crucial,” Bernabe said in a statement.

Operating free cash flow rose more than 10 percent to 6.47 billion euros.

Details of its strategy plan update will be released in a separate statement on Friday before an analyst conference call. ($1 = 0.7469 euros) (Reporting By Danilo Masoni; Editing by Stephen Jewkes)

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