TIM sees annual growth of 8% for core profit under new leaner structure

Telecom Italia (TIM) expects its core earnings to grow at 8% on a compound annual basis over the next three years under a new leaner structure after a planned sale of its domestic fixed-line network, it said on Wednesday. Worth up to 22 billion euros ($24 billion) and backed by the Italian government, the network deal is designed to slash the company's debt pile and cut costs. "The sale of the fixed network will allow TIM to move into the market with fewer financial and regulatory constraints," TIM said in a statement after a board meeting approved a new three- year business plan set out by Chief Executive Pietro Labriola.