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SAO PAULO, Nov 3 (Reuters) - TIM Participaçoes SA, Brazil's second-largest wireless phone company, reported a 50 percent drop in adjusted net profit for the third quarter to 172 million reais ($45.6 million), the company said in a Tuesday securities filing.
TIM said the lower profits were due to a "pretty difficult macroeconomic environment" in Brazil and falling demand for voice services as consumers move to data services.
The results exclude proceeds from the second stage of the sale of cellphone towers to American Tower do Brasil, concluded at the end of September for close to 517 million reais.
Including the tower sales, third-quarter profit rose 2.3 percent from a year ago, to 356.5 million reais.
Adjusted earnings before interest, taxes, depreciation and amortization fell 2.7 percent from a year ago to 1.29 billion reais, excluding the tower sales, short of analyst estimates of 1.35 billion reais. With the tower sales included, EBITDA grew 17.3 percent to 1.56 billion reais.
TIM, owned by Telecom Italia Spa, said defaults among its clients grew 8.9 percent compared with the third quarter of 2014, totaling 63 million reais.
Net revenue fell 15.2 percent to 4.1 billion reais de reais in the third quarter, below analyst expectations of 4.4 billion reais.
TIM said revenues from data services rose 41 percent from a year ago. But average revenues per user, or ARPU, fell 5.9 percent to 16.4 reais due to reduced usage of voice services.
The company ended the third quarter with net debt of 2.5 billion reais, pushing the net debt-to-EBITDA ratio up to 0.46x from 0.14x in the same quarter of 2014. ($1 = 3.7695 Brazilian reais) (Reporting by Alberto Alerigi and Anthony Boadle; Editing by Meredith Mazzilli and David Gregorio)