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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 quarter.

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 company said.

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 kim.richters@wsj.com

 

(END) Dow Jones Newswires

November 08, 2019 02:04 ET (07:04 GMT)

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