The Irish telecom group Eir posted a profit of €16 million in the first quarter of 2022, down from €29 million last year. Operating profit surged to €66 million from €55 million, but finance costs doubled to €46 million, offsetting the jump in revenue. Cash levels remained unaffected with €73 million on hand, while the dividend to InfraVia was higher at €8 million compared to the prior year.
The group incurred an exceptional charge of €1m for restructuring programme costs in respect of staff that were leaving. Eir 's operating profit was up from €55 million to €66 million, but finance costs doubled from €23 million to €46 million.
The trading update covering the first three months of the year showed the group, which provides fixed line and mobile telecommunications services in Ireland, made a profit of €16 million for the period, down from €29 million last year. Its operating profit was up from €55 million to €66 million, but finance costs doubled from €23 million to €46 million. The increase was mainly due to the prior year including a gain on modification of debt of €18 million.
The group had cash on hand of €73 million. Eir paid a dividend of €8 million to European private equity firm InfraVia over the quarter. In the corresponding period last year, it paid a dividend of €45 million to equity shareholder Wexford Limited as well as €7 million to InfraVia
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