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TI.A - Telecom Italia SpA News Story

$5.21 0.0  0.0%

Last Trade - 05/07/19

Large Cap
Market Cap £9.82bn
Enterprise Value £32.86bn
Revenue £13.59bn
Position in Universe th / 6846

UPDATE 1-Brazil's TIM posts lower quarterly profit, misses consensus

Tue 26th July, 2016 2:03am
(Adds details on drop in revenue, EBITDA) 
    SAO PAULO, July 25 (Reuters) - TIM Participaçoes SA 
 TIMP3.SA , Brazil's second-largest wireless carrier, on Monday 
posted an 85 percent drop in second-quarter net income from a 
year ago. 
    Profit fell to 47.41 million reais ($14.4 million) at TIM 
Participaçoes, the Brazilian unit of Telecom Italia SpA 
 TLIT.MI , according to a securities filing on Monday. Net 
income was less than half the consensus estimate of 115 million 
reais compiled by Thomson Reuters.  
    Net revenue took a 12 percent hit from a year ago, falling 
to 3.82 billion reais in the second quarter, as Brazil's worst 
recession in several decades depleted customers' disposable 
income and inflation remained stubbornly high. 
    Reported earnings before interest, taxes, depreciation and 
amortization fell 44 percent from a year ago to 1.24 billion 
reais, the company said, but said that if the sale of cellular 
towers was factored in, EBIDTA only fell 6.5 percent annually. 
    ($1=3.29 reais) 
 (Reporting by Reese Ewing; Editing by Sandra Maler and Leslie 
 ((; +5511 5644 7721; Reuters 
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