Improved results set Auna on IPO train

4 Feb 2004

Spanish telecommunications group Auna has reported a 90% improvement in net losses for fiscal 2003 to EUR55 million; in the final quarter of the year the telco recorded its first net profit, principally as a result of a strong performance from its wireless arm Amena. News of Auna’s profitability has set analysts speculating as to when the group might table a stock market flotation. According to CEO Joan David Grima an IPO is possible in 2005, on the proviso that the company records a profit this year. Revenues in 2003 rose 20% to 3.82 billion, two thirds of which was generated by Amena. Amena – which claimed 8.2 million customers at the end of 2003 – turned in a net profit of EUR183 million, although its fixed line sibling remained in the red with a net loss of EUR220 million. Of Auna’s 1.8 million fixed line customers, 700,000 were connected directly using its own cable network with the remainder hooked up via Telefonica’s PSTN.