11/4/2016, 1:46 PM (Source: TeleTrader)
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Telecom Italia reports 43% rise in Q3 profits

Telecom Italia Group (TIM) said on Friday its profits grew 42.8% to €477 million in the third quarter, compared to the same period a year ago. Revenues increased 1.4% year on year to €4.8 billion, confirming the upward trend started in the second quarter.

The telecommunication company's domestic business unit recorded its best result since 2007, as both its revenues and earnings before income, taxes, depreciation and amortization (EBITDA) came in higher by 1% and 7.9%, respectively, relative to a year earlier. At the group level, EBIT totaled €1.1 billion, up 6.2% relative to the same quarter last year.

"We are investing in our country like no-one else, aware of the role that TIM plays for the economic development of Italy," executive chairman Giuseppe Recchi said in a statement. "In October, 4G mobile network reached over 95% of the population, while 56% of the population had access to fibre, reaching the targets set for the end of 2016 well ahead of schedule in both cases," added Flavio Cattaneo, the group's chief executive.

Baha Breaking the News (BBN) / IB