Telecom Italia Net Profit Rises
May 13 2016 - 6:30PM
Dow Jones News
MILAN—Telecom Italia said Friday its net profit surged to €433
million in the first quarter compared with €82 million in the same
period last year.
The surge depends on accounting factors beneficial for the
company's financials. Without considering such accounting factors,
net profit would be almost flat on the year, the company said.
Revenue fell 12% compared with the previous quarter last year,
to €4.4 billion, while operating profit was down 28% to €704
million.
Telecom Italia also said that it will more carefully look at
controlling costs, aiming at reaching €1.6 billion in efficiencies
by the end of 2018, compared with the €600 million previously
forecast.
Write to Manuela Mesco at manuela.mesco@wsj.com
(END) Dow Jones Newswires
May 13, 2016 18:15 ET (22:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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