French telco Iliad missed market forecasts for its 2017 profit increase due to losses related to its planned launch in Italy.

The company, majority-owned by its billionaire founder Xavier Niel, said annual sales rose 5.6 per cent from last year to around €4.9 billion in line with forecasts.  However, its 2017 consolidated core earnings of €1.78 billion – up 6 per cent from a year ago – were below Reuters forecasts

Chief Financial Officer Thomas Reynaud confirmed Iliad will launch in Italy later this year as part of plans to branch out from the competitive, domestic French market.

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