Telecom Italia: confirms guidance after in-line quarter
(CercleFinance.com) - Telecom Italia reported a 2% drop in first-quarter organic profit on Thursday, and confirmed its guidance for this year.
The Italian telecoms company reported organic earnings before interest, taxation, depreciation and amortization (EBITDA) of 1.8 billion euros for the first three months of 2019, on revenues that are down 2.9% at 4.5 billion euros.
"Results are showing first evidence of the strong drive of the new management on cost reduction and on redesign of internal processes that have an impact on cash generation," the group said in a statement.
In mobile, strategy of focusing on quality rather than prices is paying-off, TIM added.
The operator said the number of mobile lines reached 31.7 million at the end March, up 2.3% year-on-year.
Telecom Italia confirmed its forecast for a low single-digit decrease in organic service revenues in 2019 and for a low single-digit decrease in organic EBITDA.
The shares were up 2.9% in Milan after these results.
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