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

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TIM Brazil, controlled by Telecom Italia (MI:TLIT), 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)