2023-11-08 02:40:16
© Telecom Italia Mobile
(Text updated with statement from the president of TIM (BVMF:))
SÃO PAULO (Reuters) – TIM’s executive president, Alberto Griselli, said on Tuesday that the new forecast for returns to shareholders in 2023, released earlier, will be the “new floor” for distribution of earnings for the coming years .
The telecommunications group announced this morning that the earnings forecast to be announced in 2023 to shareholders was increased by 600 million reais, to 2.9 billion reais, in relation to the estimate released in February, citing the company’s performance in the year and conflict resolution with former rival Oi (BVMF:).
“The combination of these elements led to an improvement in the assumptions that resulted in the short-term goals outlined in the 2023-2025 plan,” stated the company controlled by Telecom Italia.
At an event with analysts this Tuesday, Griselli said that the new figure of 2.9 billion reais to shareholders this year is “the new floor (of earnings) from now on.”
The company also updated its projection of a positive tax impact related to the goodwill generated by the purchase of Oi’s assets to a net present value (NPV) of 1 billion reais. The previous estimate was 700 million reais.
The night before, TIM published a net profit of 724 million reais for the third quarter, an increase of 53% compared to the same period in the previous year. Analysts expected, on average, net profit of 564.7 million reais, according to data from LSEG.
(Reporting by Alberto Alerigi Jr. and Patricia Vilas Boas; Editing by André Romani)
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