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Telecom Italia First-Quarter Net Profit Rises to 775 Million Euros

Telecom Italia said that its first-quarter net profit rose 4.2% to 775 million euros ($1.05 billion) from 744 million euros a year earlier thanks to a slight rise in sales and a fall in taxes.

In the quarter, sales rose 0.8% to 7.54 billion euros ($10.2 billion) from 7.482 billion a year earlier, while EBITDA slipped 4.3% to 3.154 billion euros from 3.295 billion and EBIT dropped 11.1% to 1.763 billion euros from 1.984 billion.

Analysts had forecast sales of 7.545 billion euros, EBITDA of 3.190 billion euros, EBIT of 1.761 billion euros and net profits of 618.5 million euros.

The Italian telecommunications company said that EBITDA was affected by higher costs, while the bottom line was lifted by a fall in tax, which declined to 561 million euros ($758.8 million) from 656 million euros, and the elimination of minorities.

Net debt dropped to 37.182 billion euros ($50.3 bilion) end-March, in line with market expectations, from 37.301 billion end-2006.

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