Telecom service provider, Eircom has said that it has recorded a fall of 7 per cent in revenues to €363 million during the quarter till September, 2012 compared to the same quarter of the previous year.

The company said that its financial troubles are fading as it reported a 10 per cent in earnings before interest, tax depreciation and amortisation (EBITDA) to €124 million during the quarter. Eircom's operating costs fell 4 per cent to €160m during the quarter compared to the same quarter in 2011.

Herb Hribar, the Chief executive officer, who took in charge of the company in August, claimed the fall in revenues and earnings are in line with the company's expectations and are according to the business plan.

"We remain fully committed to our cost reduction targets and believe that the reduction in 2,000 employees is achievable within the two year timeframe," Hribar said.

The company had also said that it is speeding up its job cutting plans and announce axing of about 2000 out of its 5,700 workforce by the middle of 2014. The company was transferred to debt holders earlier this year, which saw about €4 billion of its debt to be wiped off. The company now has a debt of about €2.3 billion.