(Add details, CEO quote)
MILAN, May 13 (Reuters) - Italian mobile tower company INWIT on Thursday reported a rise in first-quarter core profits helped by demand for connectivity services.
INWIT said its earnings before interest, tax, depreciation and amortization (EBITDA) rose 3.5% to 173 million euros in the three months ending March on a like-for-like basis, compared with an analyst consensus provided by the company of 174 million euros.
Jointly-controlled by Italy’s largest phone group Telecom Italia (TIM) and British mobile operator Vodafone, INWIT said its revenue rose 3.4% to 190.2 million euros on a like-for-like basis, slightly below expectations of 191 million euros.
Demand for services from mobile phone operators and other radio network players are underpinning INWIT’s business, which is expected to receive a boost from government plans to spend some 8 billion euros of EU funds on projects to roll out fast connectivity networks across the country.
“The business plan objectives and 2021 guidance are confirmed,” Chief Executive Giovanni Ferigo said, adding the company is due to play “an important role” in the EU recovery plan. (Reporting by Elvira Pollina;Editing by Elaine Hardcastle)