By Nathan Allen

Telecom Italia SpA (TIT.MI) confirmed its financial guidance late Monday after first-quarter profit fell, largely due to the introduction of the IFRS 16 accounting standard.

The Italian telecom said net profit fell to 165 million euros ($184.2 million) from EUR199 million a year earlier. Excluding the effects of the new accounting standard net profit was EUR193 million, the company said.

Revenue fell to EUR4.47 billion from EUR4.69 billion, while earnings before interest, taxes, depreciation and amortization rose to EUR1.95 billion from EUR1.79 billion, the company said.

Net debt fell by EUR457 million on year to EUR25.1 billion, Telecom Italia said.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

May 21, 2019 01:35 ET (05:35 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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