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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Telecom Italia S.P.A. New | NYSE:TI | NYSE | Ordinary Share |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 5.63 | 0.00 | 01:00:00 |
From May 2019 to May 2024
By Rogerio Jelmayer
SAO PAULO--Brazilian mobile-phone company Tim Participacoes SA (TSU, TIMP3.BR) reported a drastic decline in its net profit in the second-quarter, as revenue fell amid country's economic recession.
The Brazilian unit of Telecom Italia SpA (TI, TIT.MI) late Monday reported a net profit of 74.4 million Brazilian reais ($22.5 million) in the second quarter, down from BRL943.5 million a year earlier.
The company's revenue dropped 12.4% in the latest period to BRL3.82 billion.
TIM Participacoes, the second-largest Brazilian telecom in terms of clients, ended the quarter with a total 63.96 million clients, down 14.3% from the second-quarter of 2015.
Brazil's poor economy, which in recent years damaged big-ticket purchases such as vehicles, is also affecting the sale of cheaper goods. After years of double digit expansion, the mobile phone market lost traction in recent quarters.
After contracting 3.8% last year, country's economy is expected to shrink 3.27% this year, according to economists.
Write to Rogerio Jelmayer at rogerio.jelmayer@wsj.com
(END) Dow Jones Newswires
July 26, 2016 06:34 ET (10:34 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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