Telecom Italia sees signs of Italian recovery as core profit drops

viernes 7 de noviembre de 2014 02:44 GYT

MILAN Nov 7 (Reuters) - Telecom Italia SpA reported on Friday a 7.7 percent drop in nine-month core earnings, dragged down by its recession-hit domestic business and a slowdown in Brazil, but the company said it saw concrete signs of recovery in the Italian market.

Europe's ninth-biggest phone company by market value, which is selling assets such as its Brazilian mobile towers to cut debt and help fund much-needed network investments, said core earnings, or EBITDA, fell to 6.588 billion euros ($8.1 billion).

That compares to an analyst consensus forecast provided by the company of 6.589 billion.

In a statement, Telecom Italia said revenues fell 9.1 percent to 15.972 billion euros and net debt stood at 26.572 billion at the end of September. (1 US dollar = 0.8078 euro) (Reporting by Danilo Masoni, editing by Stephen Jewkes)