November 6, 2018 / 10:53 PM / 9 days ago

Brazil's TIM Participacoes handily beats profit estimates on one-off item

SAO PAULO, Nov 6 (Reuters) - Brazilian mobile operator TIM Participacoes SA, the local unit of Telecom Italia SpA, exceeded third-quarter profit estimates by a long way on Tuesday due to a one-off factor.

In a securities filing, the company reported quarterly net profit of 1.34 billion reais ($356.2 million), a 380 percent jump from 279 million reais in the same period a year ago, and well above consensus estimates for 437 million reais, according to IBES data from Refinitiv.

The extraordinary result reflects a tax credit of 950 million reais. Adjusted for one-off factors, net third-quarter income was 388 million reais. ($1 = 3.7614 reais) (Reporting by Aluísio Alves; Editing by Bernadette Baum)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below