MILAN, Aug 1(Reuters) - Telecom Italia (TIM) broadly met forecasts with its second-quarter core earnings on Thursday as its Brazilian business offset stalling growth and tougher competition in the domestic market for Italy’s biggest phone group.
The former monopoly, whose shareholders include French company Vivendi and investment group Elliott, also confirmed its guidance for the next three years.
TIM said its organic earnings before interest, tax, depreciation and amortisation (EBITDA) fell 2.6% to 1.9 billion euros, matching an analyst consensus provided by the company
Revenues in the quarter fell by 0.4% to 4.5 billion euros, marginally below expectations of 4.55 billion euros. Domestic sales fell by 3.4% to 6.704 billion euros in the first six months of the year.
Net debt at the end of June fell to 24.7 billion euros, a reduction of 539 million euros compared with the end of last year.
Reporting by Elvira Pollina Editing by Keith Weir