TIM Brasil sees cost cuts saving $518 mln through 2018

martes 26 de julio de 2016 09:40 GYT

SAO PAULO, July 26 (Reuters) - TIM Participações SA, Brazil's No. 2 wireless carrier, expect ongoing efforts to cut costs to generate about 1.7 billion reais ($518 million) in savings for the three-year period ending in 2018, Chief Executive Officer Stefano de Angelis said on Tuesday.

In a conference call to discuss second-quarter results, de Angelis said that such efforts, which include staff reductions, will help TIM weather "turbulent" economic times in Brazil. TIM, which is controlled by Telecom Italia SpA , missed quarterly estimates on Monday.

($1 = 3.2834 Brazilian reais) (Reporting by Ana Mano; Writing by Guillermo Parra-Bernal)