TIM raises shareholder earnings forecasts after third-quarter results

Telecoms group TIM announced on Monday evening an increase in expected returns for shareholders in 2023, citing the company’s performance in the year and the resolution of the conflict with former rival Oi.

The company controlled by Telecom Italia specified that the profits expected in 2023 to be communicated to shareholders increased by 600 million reais, to 2.9 billion, compared to the estimate released in February.

“The combination of these elements led to an improvement in hiring that led to the short-term objectives outlined in the 2023-2025 plan,” TIM said, citing the “significant evolution” of third quarter results and the “resolution of disputes with Oi”.

The company also updated its projection of a positive tax impact related to the goodwill generated from the purchase of Oi’s assets to a net present value (NPV) of 1 billion reais. The previous projection was 700 million.

The evening before, TIM had published third-quarter net profit of 724 million reais, up 53% compared to the same period of the previous year. Analysts had expected, on average, a net profit of 564.7 million reais, according to LSEG data.

Source: Terra

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