Telecom Italia core profit up 6.1% in 2023, domestic unit improves
Reuters
Published Feb 14, 2024 17:06
Updated Feb 14, 2024 17:50
MILAN (Reuters) -Telecom Italia (TIM) said on Wednesday its core profit rose 6.1% last year, boosted by its Brazilian unit and helped by signs of improvement at its ailing domestic business, whose service revenue returned to growth in the final quarter.
Earnings before interest, tax, depreciation and amortisation including lease payments (EBITDA-AL) rose to 5.3 billion euros ($5.69 billion) for 2023, the former phone monopoly said in its preliminary full-year results.
That was slightly above a company-provided analyst consensus for a 5.7% rise to 5.28 billion euros, as well low-mid single digit growth targeted by TIM.
The results "allow the group to meet or exceed the targets set for the 2023 financial year", TIM said in the statement.
Total revenue, including that generated by TIM's fast-growing Brazilian unit, rose 3.1% to 16.3 billion euros, in line with analysts' expectations.
TIM said its domestic service sales, which account for the bulk of the group's total revenue, edged 1.2% higher on an annual basis in the final quarter, returning to growth for the first time in more than five years.
Net financial debt stood at 25.7 billion euros as of Dec. 31, up 300 million from the year before, TIM said.
Battling ferocious price competition in its domestic market, TIM is seeking an ambitious turnaround centred on a planned sale of its fixed domestic access network to U.S. fund KKR for up to 22 billion euros.
($1 = 0.9321 euros)
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.