November 6, 2018 / 10:59 PM / 15 days ago

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

SAO PAULO (Reuters) - Brazilian mobile operator TIM Participacoes SA (TIMP3.SA), the local unit of Telecom Italia SpA (TLIT.MI), 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.

Reporting by Aluísio Alves; Editing by Bernadette Baum

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