Brazil helps TIM to grow

6 May 2005

Telecom Italia Mobile (TIM) saw its first quarter profit rise 15% on the back of burgeoning use of data services and strong growth at its Brazilian operations. Turnover was up 9.4% year-on-year to EUR2.95 billion in the three months to 31 March 2005 leading to a net income of EUR569 million, some EUR34 million above analysts’ estimates. In Brazil, TIM’s largest market outside Italy, the company boosted its number of clients by 7.8% over the period to end March with 14.7 million users; international sales rose by 46% to EUR600 million. TIM finished the period with 26.2 million subscribers in its domestic market.