MILAN, May 7 (Reuters) - Italian telecoms group Telecom Italia’s first-quarter core earnings fell 7.7 percent hit by an economic slowdown in Brasil while pressure on its domestic business eased.
Earnings before interest, tax, depreciation and amortisation (EBITDA) at the heavily indebted former phone monopoly were 2.03 billion euros ($2.3 billion) in the period, matching market expectations.
CEO Marco Patuano is seeking to bring Telecom Italia’s domestic business back to growth in 2017 and to do so he is spending more on faster networks and is teaming up with content providers to make its services more attractive.
Revenues in the first quarter fell 2.6 percent to 5.053 billion euros while adjusted net debt stood at 27.43 billion euros.
Reporting by Danilo Masoni