November 11, 2011 / 2:24 PM / 7 years ago

Telecom Italia confirms targets as 9-month core earnings rise

MILAN (Reuters) - Telecom Italia stuck to its guidance on Friday after nine-month core earnings rose as Italy’s biggest telecoms operator slightly improved its position in the fiercely competitive domestic market.

Telecom Italia’s key domestic revenues fell 6 percent to 14.1 billion euros ($19 billion), compared with an annual drop of more than 7 percent in first half of the year.

“The improved domestic trends, coupled with effective operational and financial management, allow us to confirm our targets,” Executive Chairman Franco Bernabe said in a statement.

Telecom expects basically flat organic revenues and core earnings for 2011 under its business plan to 2013. Adjusted net debt is seen at around 30.7 billion euros.

The group said in the first nine months earnings before interest, tax, depreciation and amortization (EBITDA) rose 8 percent to 9.18 billion euros, broadly meeting expectations.

Overall revenues, boosted by the strength of its Brazil business, were also in line with expectations.

The former monopoly posted a net loss of 1.2 billion euros for the period due to goodwill writedowns.

($1=0.736 euros)

Editing by Mike Nesbit and Hans-Juergen Peters

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