Italy’s INWIT reports rise in first quarter profits on connectivity demand

MILAN: Italian mobile tower company INWIT on Thursday reported a rise in first-quarter core profits helped by demand for connectivity services.

INWIT said its earnings before interest, tax, depreciation and amortization (EBITDA) rose 3.5% to 173 million euros in the three months ending March on a like-for-like basis, compared with an analyst consensus provided by the company of 174 million euros.

Jointly-controlled by Italy’s largest phone group Telecom Italia (TIM) and British mobile operator Vodafone, INWIT said its revenue rose 3.4% to 190.2 million euros on a like-for-like basis, slightly below expectations of 191 million euros.