Telecom Italia says earnings and debt goals on track after network sale
MILAN, Nov 13 (Reuters) -Telecom Italia (TIM) TLIT.MI said on Wednesday it remained on track to meet its earnings and debt targets following the sale of its fixed-line access network as it reported a 7.6% rise in core profit in the third quarter.
Earnings before interest, tax, depreciation and amortisation after lease costs (EBITDA-AL) came in at 943 million euros ($996.75 million) in the three months ending September.
That compared with an analyst consensus provided by the company of 947 million euros. EBITDA-AL is a form of profit measure commonly used in the telecoms sector.
Financial targets announced earlier this year for the business emerging from the network disposal were all confirmed, including a rise in core earnings between 8% and 9% and for the group to reduce its debt to not more than two times its core earnings.
TIM said its net debt after leases stood at 7.9 billion euros as of September 30 from 8.1 billion euros on a proforma basis as of June 30.
($1 = 0.9461 euros)
Reporting by Elvira Pollina, editing by Alvise Armellini and Gavin Jones
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