Telecom Italia 9-mth revenues down 3%, won't meet FY debt to EBITDA target

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(Telecompaper) Telecom Italia (TIM) reported consolidated revenues of EUR 14.2 billion in the 9 months to 30 September, up 1.1 percent year-on-year on an organic basis but down 3.1 percent on a comparable basis, hurt by regulatory impacts including a return to monthly billing in Italy, a weakening of the exchange rate in Brazil and an adverse competitive impact at home. The company said comparable earnings before interest, tax, depreciation and amortization (EBITDA) in the first nine months fell 2.9 percent to EUR 6.03 billion (up 0.4% organically), while adjusted net financial debt stood at EUR 25.19 billion at the end of September. As a result of these factors and a possible domestic fine of EUR 74.3 million imposed on the phone group after the Italian government activated the so-called “golden power” rule, TIM announced that it is no longer able to reaffirm its net debt to core earnings target for the end of the year.
Source: Industry News (syndicated from Telecompaper.com)

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