Telecom Italia 1Q Net Profit Rose, Revenue Fell
May 19 2020 - 2:15AM
Dow Jones News
By Mauro Orru
Telecom Italia SpA said late Monday that its net profit rose for
the first quarter of 2020, while revenue fell due to a
rationalization of the product portfolio and shop closures caused
by the coronavirus lockdown.
The Italian telecommunications company said net profit rose to
560 million euros ($607.9 million) compared with EUR165 million for
the first quarter of 2019.
Earnings before interest and taxes for the quarter fell to
EUR533 million from EUR683 million, while earnings before interest,
taxes, depreciation, and amortization, or Ebitda, fell to EUR1.74
billion from EUR1.95 billion.
Revenue for the period fell to EUR3.96 billion from EUR4.47
billion.
Telecom Italia said that it has signed a new revolving EUR1.7
billion credit line from a group of banks, to firm up liquidity
during the coronavirus uncertainty.
Looking to the future, Telecom Italia expects to preserve its
Ebitda and capital expenditure guidance, as well as cumulated
2020-22 equity free cash flow of EUR4.5 billion to EUR5 billion,
the company said.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
May 19, 2020 02:00 ET (06:00 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Telecom Italia (BIT:TIT)
Historical Stock Chart
From Mar 2024 to Apr 2024
Telecom Italia (BIT:TIT)
Historical Stock Chart
From Apr 2023 to Apr 2024