Telecom Italia Swung to Profit in 3Q; Backs Guidance
By Kim Richters
Telecom Italia SpA (TIT.MI) late Thursday said that it backed
its outlook for the year, while it swung to a profit in the third
The Italian company said net profit for the period was 301
million euros ($332.9 million) compared with a loss of EUR1.40
billion the year prior.
Revenue fell to EUR4.43 billion from EUR4.67 billion a year
earlier and earnings before interest, tax, depreciation and
amortization was EUR2.11 billion compared with EUR2.05 billion, the
The company backed its guidance for the rest of the year, which
includes a low single-digit decrease in organic group service
revenues for 2019.
It said it had reached its debt-reduction target three months in
advance, citing a net debt of EUR24.3 billion, EUR958 million less
than at the end of last year.
Write to Kim Richters at email@example.com
(END) Dow Jones Newswires
November 08, 2019 02:04 ET (07:04 GMT)
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