Telecom Italia sees net loss of EUR868m for 9M 2018

9 Nov 2018

Telecom Italia Group, which trades in Italy and Brazil under the TIM brand, has reported revenues of EUR14.22 billion (USD16.22 billion) for the nine months to 30 September 2018, up 1.1% year-on-year on an organic basis, but falling 3.1% on a comparable basis. Comparable EBITDA for the first nine months of 2018 totalled EUR6.03 billion, down 2.9% from EUR6.21 billion a year earlier. Capital expenditure for the nine-month period fell sharply from EUR3.88 billion in 2017 to EUR2.57 billion this year, in comparable terms. Net losses attributable to shareholders totalled EUR868 million, negatively impacted by a EUR2 billion write-down on the goodwill of the Core Domestic business unit. Excluding one-off items, net profit would have stood at approximately EUR1.2 billion.

In a statement, Telecom Italia said: ‘Despite a complex and challenging macro-economic and market context, the first nine months of the financial year showed a solid operational management trend. Particular attention was paid to the evolution of 5G technology, which will represent a key value creation lever.’ In October this year the company agreed to pay EUR2.41 billion for 5G wireless spectrum in Italy.