Telecom Italia Net Profit Rises
May 13 2016 - 6:14PM
Dow Jones News
By Manuela Mesco
MILAN -- Telecom Italia said Friday its net profit surged to
EUR433 million in the first quarter compared with EUR82 million in
the same period last year.
The surge depends on accounting factors beneficial for the
company's financials. Without considering such accounting factors,
net profit would be almost flat on the year, the company said.
Revenue fell 12% compared with the previous quarter last year,
to EUR4.4 billion, while operating profit was down 28% to EUR704
million.
Telecom Italia also said that it will more carefully look at
controlling costs, aiming at reaching EUR1.6 billion in
efficiencies by the end of 2018, compared with the EUR600 million
previously forecast.
Write to Manuela Mesco at manuela.mesco@wsj.com
(END) Dow Jones Newswires
May 13, 2016 17:59 ET (21:59 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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