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TIM Group Q1 Profit Surges

TIM Group reported that its net profit attributable to owners of the parent for the first quarter of 2020, was 560 million euros up from 165 million euros in the first quarter of 2019. The latest-quarter results benefited from the reduction in depreciation and amortization, financial charges and taxes, in addition to the net capital gain recorded following the merger of INWIT with Vodafone, equal to 441 million euros.

Total TIM Group revenues for the first quarter of 2020 were to 3.964 billion euros, down 11.3% from last year. Organic revenues was down 8.4%, impacted by the reduction of customer numbers in stores during the lockdown.

The company expects to be able to preserve 2020 EBITDA - CAPEX guidance as well as the 2021-22 guidance, including cumulated 2020-22 Equity Free Cash Flow guidance equal to 4.5 billion euros - 5 billion euros.

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