May 11, 2020 / 7:01 PM / 23 days ago

Italy's INWIT core profit rose in first quarter, sees further acceleration in 2020

MILAN (Reuters) - INWIT (INWT.MI) reported a rise in first quarter core profits on Monday as Italy’s top mobile tower group revenue rose amid a nationwide lockdown due to a coronavirus outbreak which had emerged at the end of February.

The group said it sees further acceleration of its business growth in 2020 as phone carriers are looking to expand their mobile network infrastructure and are open to network sharing agreements.

INWIT said its organic earnings before interest, tax, depreciation and amortization (EBITDA) rose 6.3% to 88 million euros ($95.1 million), broadly in line with an analyst consensus provided by the company of 87 million euros. Revenue rose by 8.5% on an annual basis to 103 million euros.

On March 31 Telecom Italia’s (TLIT.MI) mobile tower unit INWIT completed a merger with Vodafone’s (VOD.L) tower infrastructure company in Italy.

The revenue of the new entity, which is jointly controlled by the former Italian monopoly and Vodafone, totalled 190.3 million euros in the three months ending March, according to a proforma earning report, INWIT said.

Reporting by Elvira Pollina; Editing by Chizu Nomiyama

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