By Manuela Mesco

MILAN--Telecom Italia said Tuesday its first-half net profit reached 1 billion euros ($1.1 billion) as the company benefited from the effects of a convertible bond issued in 2013.

Telecom Italia, the largest Italian telecom operator, said that without such accounting effects, net profit would be almost flat on the year.

Revenue was down 9.9% on the year, the company also said, as its Brazilian business heavily weighed on its overall performance.

Revenue was EUR9.1 billion, while earnings before interest, tax, depreciation and amortization was up 2.4%, at EUR3.7 billion.

Write to Manuela Mesco at Manuela.Mesco@wsj.com

(END) Dow Jones Newswires

July 26, 2016 14:11 ET (18:11 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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