Brazil’s TIM reports flat Q3 profit, surge in revenue

SAO PAULO (Reuters) – Brazilian telecom operator TIM SA on Monday reported a third-quarter net profit of 473 million reais ($91.73 million), consistent with the same period last year, and alongside strong revenue growth.

TIM Brazil, controlled by Telecom Italia , reported a 24.4% annual increase in net revenue to 5.61 billion reais, aided by the expansion in the firm’s mobile phone services; accounting for roughly 92% of its total revenue.

Costs, however, grew 25.5% to 2.95 billion reais, mainly due to inflationary effects on wages, bonuses and incentives, the firm said.

TIM’s earnings before interest, taxes, depreciation and amortization (EBITDA) came in at 2.7 billion reais, 24.5% above the third quarter of 2021.

($1 = 5.1567 reais)

(Reporting by Peter Frontini; Editing by David Alire Garcia and Isabel Woodford)