Telecom Italia Nine-Month Profit Falls 63%

MILAN—Italy's largest telecommunications company, Telecom Italia, said Thursday its net profit in the first nine months of the year fell 63% to 362 million euros ($395.3 million), reflecting nonrecurring charges and the impact of bond buyback transactions.

The company said that without such items, net profit would have risen to more than €1 billion from the €985 million in the first nine months of 2014.

Revenue totaled €14.9 billion, down 6.9% from the same period last year. Revenue in Italy, which accounts for nearly 75% of the company's overall turnover, was down 1.8% from the previous year.

But an improvement was seen in the third quarter, when sales from Telecom Italia's mobile business rose 1.5% on the year. Yet, revenue from the fixed-line business was 1.8% down from the third quarter of last year.

None-months earnings before interest, tax, depreciation and amortization stood at €5.6 billion, 14.8% lower than the same time the previous year. Before discounting the impact of nonrecurring charges Ebitda was €6.1 billion. Earnings before interest and taxes was €2.8 billion, down 17.5% from the first nine months of 2014.

Net debt at Sept. 30 was €26.8 billion.

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

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(END) Dow Jones Newswires

November 06, 2015 01:45 ET (06:45 GMT)

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