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Telecom Italia raises FY guidance after improved Q2 results

2016-07-27 08:51:00| Telecompaper Headlines

(Telecompaper) Telecom Italia raised its domestic earnings guidance for 2016 after reporting better-than-expected second quarter results, driven by the continued recovery of its mobile segment. The company said it now forecasts "low single digit organic growth" in domestic EBITDA compared to the previous prediction of "at least stable" earnings. The group's second quarter EBITDA came to EUR 2.01 billion, a 25.4 percent rise compared to the year-earlier result of EUR 1.61 billion. Group revenues came in at EUR 4.66 billion, down 9.9 percent from EUR 5.05 billion a year ago, hurt above all by the continuing effects of the economic downturn in Brazil. Sales at the group's TIM Brasil unit plunged 31 percent to EUR 961 million in the three months to 30 June, compared to EUR 1.41 billion a year earlier. Domestic revenues came in at EUR 3.70 billion, up from EUR 3.63 billion a year ago and the company's best quarterly performance since 2009.

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