November 5, 2019 / 11:49 PM / 16 days ago

Brazilian telecom Tim Participacoes third-quarter net profit jumps 61%

BRASILIA (Reuters) - Brazilian wireless carrier TIM Participações SA (TIMP3.SA) reported on Tuesday a 61.4% rise in third-quarter net income, compared with the same period a year ago when results were affected by one-off factors.

In a securities filing, the local subsidiary of Telecom Italia SpA (TLIT.MI) said its quarterly net profit hit 619 million reais ($155 million), compared with a consensus estimate of 607.87 million reais compiled by Refinitiv.

Earnings before interest, taxes, depreciation and amortization, a gauge of operating performance known as EBITDA, grew by 6.8% year-on-year to 1.7 billion reais. Analysts on average expected EBITDA of 1.88 billion reais, according to Refinitiv data.

Brazil’s third-largest wireless carrier reported a net revenue of 127 million reais in the quarter ended on Sept. 30, up 31.5% from a year ago.

Operational expenses fell by 0.6% to 2.62 billion reais.

TIM’s shares have risen over 4 percent so far this year, underperforming rival Telefonica Brasil SA (TIMP3.SA), whose shares have climbed approximately 24% in the same period.

Earlier this week, Telefonica Brasil announced a decline in quarterly net income of almost 70% year-on-year, as non-recurring effects offset better mobile revenues.

Reporting by Anthony Boadle; Editing by Sandra Malerand Leslie Adler

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