Brazil telecom TIM announces three-year cost cutting plan
SAO PAULO Aug 5 (Reuters) - TIM Participações SA , Brazil's second-biggest wireless carrier, aims to reduce operating expenses by at least 1 billion reais ($290 million) over the next three years, Chief Financial Officer Guglielmo Noya said on a Wednesday earnings call.
Noya said the cost-cutting plan and growing data revenue should help to expand profit margins. On Tuesday, TIM reported a drop in profit, excluding a one-time sale of cell towers, due to weak sales and rising payroll costs.
($1 = 3.46 Brazilian reais) (Reporting by Brad Haynes and Luciana Bruno; Editing by Christian Plumb)
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