Telecom Italia reports 10.3 percent jump in first quarter profit

0 Comments | AFP, May, 2005

MILAN (AFP) — Telecom Italia reported a 10.3 percent jump in first quarter net earnings to 656 million euros (841 million dollars) from a year earlier, near the upper end of market projections.

Analysts polled by AFP's financial news unit AFX forecast quarterly profit in a range of 560-665 million euros.

Operating profit slipped 0.5 percent to 2.038 billion euros while earnings before interest, tax, depreciation and amortizatioin (EBITDA) rose to 3.302 billion euros from 3.182 billion.

Sales gained 4.4 percent over first quarter 2004 to 7.104 billion euros, the company said.

Telecom Italia's net debt rose to 43.502 billion euros from 32.862 billion at the end of 2004, reflecting obligations taken on to pay for its tender offer for shares in Telecom...