Brazil's TIM posts 50 pct drop in adjusted Q3 profit
BRASILIA Nov 3 (Reuters) - TIM Participaçoes SA, Brazil's second-largest wireless phone company, reported on Tuesday a 50 percent drop in adjusted net profit for the third quarter to 172 million Brazilian reais ($45.6 million), the company said in a securities filing.
The results exclude proceeds from the second stage of the sale of cellphone towers to American Tower do Brasil, concluded at the end of September for close to 517 million reais.
Including the tower sales, third quarter profit rose 2.3 percent from a year ago, to 356.5 million reais.
($1 = 3.7695 Brazilian reais) (Reporting by Anthony Boadle; Editing by Meredith Mazzilli)
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