European telco giant Telecom Italia shares were up 0.96 per cent on Thursday after it announced a decent sales rise in its quarter one results thanks to better than expected domestic sales.
Group revenue saw a 2.7 per cent year-on-year increase to €4.7bn (£4.11bn), while net income stood at €250m. EBITDA was 1.8 per cent up at €2bn.
A fine of €74.3m levelled at the company for alleged infringement of "the golden power" - which allows the government to veto asset sales, mergers and change of control of companies - saddled profits slightly.
Domestic mobile performance was particularly strong, along with the company's wireless unit.
Why it's interesting
The results follow a heated board room struggle that saw activist fund Elliott dethrone Vivendi as top shareholder of the company back in April.
Telecom Italia confirmed last night that Vivendi was no longer a party exercising control and coordination over the company.
What Telecom Italia said
Amos Genish, chief executive of Telecom Italia said:
The solid results of quarter one 2018 are driven by positive domestic performance and strong growth in Brazil which confirm we are already leveraging on the progress made with our DigiTIM strategy.
In Italy, both the Mobile and Fixed UBB customer base, together with ARPU, are steadily growing, rewarding TIM’s continuous coverage upgrading and focus on quality, supporting our premium player position.