Fastweb cuts losses
May 6, 2008
Italian broadband operator Fastweb reduced its net loss and added clients in the first three months of the year and left open the possibility it will bid for Italian rival Tiscali.
The net loss narrowed 47 percent to E11 million from a year ago. EBITDA rose 15 per cent to E112.5 million as sales rose 12 per cent to E389.3 million. The company added 75,000 clients in the quarter, bringing the total to 1.39 million, up 21 per cent from a year ago.
Fastweb, Italy’s second-biggest broadband services operator, has posted a net loss every year since it was founded in 1999 but expects to post a profit this year