May 9, 2018 / 1:29 AM / 5 months ago

Brazil's TIM Participacoes beats quarterly profit estimates

SAO PAULO, May 8 (Reuters) - Brazil's TIM Participações SA , Brazil's third largest wireless carrier, beat quarterly profit estimates on Tuesday, posting an increase of almost 5 percent on revenues as its services division grew for the fifth straight quarter.

In a securities filing, the Brazilian unit of Telecom Italia SpA reported first quarter net income of 250 million reais ($70.16 million), up 89 percent from the same period last year, and above a Reuters consensus estimate of 226 million reais.

The company posted a quarterly Ebitda of 1.47 billion reais, in line with consensus estimate of 1.44 billion reais, 16 percent above what was reported in the first quarter last year.

$1 = 3.5632 reais Reporting by Marcelo Teixeira; Editing by Sandra Maler

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