May 6, 2020 / 12:21 AM / a month ago

Brazil's TIM misses Q1 profit estimates as stagnant revenue offsets lower costs

SAO PAULO, May 5 (Reuters) - Brazilian telecoms firm TIM Participações SA reported on Tuesday an 8.3% year-on-year rise in first-quarter net income, missing market expectations, as a drop in its customer base kept revenues stagnant and offset its cost-cutting efforts.

The local subsidiary of Telecom Italia SpA said its quarterly net profit adjusted for non-recurring items hit 164 million reais ($155 million), compared with a consensus estimate of 420 million reais compiled by Refinitiv. (Reporting by Gabriela Mello; Editing by Himani Sarkar)

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