May 13, 2014 / 5:50 AM / 4 years ago

Telecom Italia Q1 core profit drops 8.4 pct, in line with consensus

MILAN, May 13 (Reuters) - Telecom Italia said on Tuesday first-quarter core profit (EBITDA) fell 8.4 percent to 2.20 billion euros ($3.03 billion), matching a Thomson Reuters I/B/E/S consensus of 2.21 billion euros.

Revenues at Italy’s largest telecoms company fell 11.9 percent to 5.188 billion euros, hit by weakness in its domestic market, which accounts for 71 percent of total sales, and weaker currency in Brazil, it said in a statement.

The consensus estimate was for 5.22 billion euros.

Adjusted net debt edged up to 27.529 billion euros, slightly above the consensus estimate of 27.2 billion euros.

The company said the results were in line with its plans and confirmed expectations of a gradual recovery.

“As a whole we are in line with our plans and targets, which see a progressive acceleration in year-on-year recovery,” CEO Marco Patuano said in the statement. ($1 = 0.7270 Euros) (Reporting by Danilo Masoni; editing by Francesca Landini)

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