Telecom Italia profit falls, net debt rises

MILAN: Core profit at Telecom Italia (TIM) fell 11.2% in the third quarter from a year hit earlier as shrinking domestic revenues outweighed cost cuts and the contribution from TIM’s Brazilian unit.

Italy’s biggest phone company on Wednesday said earnings after interest, tax, depreciation, amortisation and lease (EBITDA-AL) were 1.31 billion euros in July-September.

That is in line with an analyst consensus provided by the company and down from 1.48 billion euros a year ago.