Telecom Italia Swung to Loss in 3Q, Hit by Write-Down
November 09 2018 - 2:13AM
Dow Jones News
By Alberto Delclaux
Telecom Italia SpA (TIT.MI) late Thursday reported a
third-quarter loss, citing an impairment, and said it wasn't
backing its 2018 debt-to-Ebitda guidance.
Italy's largest telecom operator said it booked a net loss of
1.40 billion euros ($1.60 billion) in the third quarter compared
with a net profit of EUR437 million the prior year quarter, as the
company was hit by a EUR2 billion write-down on goodwill of the
domestic business unit.
Revenue was down 4.1% at EUR4.67 billion.
Analysts had expected the company to post net profit of EUR443
million on the back of revenue of EUR4.71 billion, according to a
FactSet-compiled consensus.
Earnings before interest, taxes, depreciation and amortization
totaled EUR2.05 billion compared with analyst expectations of
EUR2.11 billion.
Telecom Italia said it wasn't backing its full-year
debt-to-Ebitda guidance, citing a fine in Italy, an adverse
competitive and regulatory environment in the domestic business and
the weakening of exchange-rate in Brazil.
Write to Alberto Delclaux at alberto.delclaux@dowjones.com
(END) Dow Jones Newswires
November 09, 2018 01:58 ET (06:58 GMT)
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