A 9% cut in operating costs to CLP213 billion has helped Entel Chile turn a profit of CLP60 billion in 2003, an increase of 44.4% year-on-year. Entel PCS, the group’s wireless subsidiary, generated 85% of net income (CLP50.7 billion), up almost 40% on the previous year. Entel PCS’ customer base rose 17.1% during the year to 2.68 million. Controlled by Telecom Italia, Entel Chile has been attempting to cut costs since 2002. In May that year it sold USD150 million on the local bourse to restructure its debts and four months later renegotiated a USD300 million loan, extending the deadline to August 2007. These measures, combined with a programme of job cuts, allowed Entel to reduce its debt pile by CLP70.9 billion in the year to June 2003 to CLP465.2 billion.