TIT Telecom Italia SpA

   By Mauro Orru 
 

Telecom Italia SpA said late Monday that its net profit rose for the first quarter of 2020, while revenue fell due to a rationalization of the product portfolio and shop closures caused by the coronavirus lockdown.

The Italian telecommunications company said net profit rose to 560 million euros ($607.9 million) compared with EUR165 million for the first quarter of 2019.

Earnings before interest and taxes for the quarter fell to EUR533 million from EUR683 million, while earnings before interest, taxes, depreciation, and amortization, or Ebitda, fell to EUR1.74 billion from EUR1.95 billion.

Revenue for the period fell to EUR3.96 billion from EUR4.47 billion.

Telecom Italia said that it has signed a new revolving EUR1.7 billion credit line from a group of banks, to firm up liquidity during the coronavirus uncertainty.

Looking to the future, Telecom Italia expects to preserve its Ebitda and capital expenditure guidance, as well as cumulated 2020-22 equity free cash flow of EUR4.5 billion to EUR5 billion, the company said.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

May 19, 2020 02:00 ET (06:00 GMT)

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