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TI.A - Telecom Italia SpA News Story

$5.21 0.0  0.0%

Last Trade - 05/07/19

Sector
Telecoms
Size
Large Cap
Market Cap £9.42bn
Enterprise Value £33.60bn
Revenue £13.43bn
Position in Universe th / 6938

UPDATE 1-Italy's INWIT reports rise in first quarter profits on connectivity demand

Thu 13th May, 2021 2:29pm
(Add details, CEO quote)
    MILAN, May 13 (Reuters) - Italian mobile tower company INWIT
 INWT.MI  on Thursday reported a rise in first-quarter core
profits helped by demand for connectivity services.
    INWIT said its earnings before interest, tax, depreciation
and amortization (EBITDA) rose 3.5% to 173 million euros in the
three months ending March on a like-for-like basis, compared
with an analyst consensus provided by the company of 174 million
euros. 
    Jointly-controlled by Italy's largest phone group Telecom
Italia (TIM) and British mobile operator Vodafone  VOD.L , INWIT
said its revenue rose 3.4% to 190.2 million euros on a
like-for-like basis, slightly below expectations of 191 million
euros.
    Demand for services from mobile phone operators and other
radio network players are underpinning INWIT's business, which
is expected to receive a boost from government plans to spend
some 8 billion euros of EU funds on projects to roll out fast
connectivity networks across the country.
    "The business plan objectives and 2021 guidance are
confirmed," Chief Executive Giovanni Ferigo said, adding the
company is due to play "an important role" in the EU recovery
plan.

 (Reporting by Elvira Pollina;Editing by Elaine Hardcastle)
 ((elvira.pollina@thomsonreuters.com;))
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