Telecom chief raises expectations

26 Mar 2004

Telecom Italia chairman Marco Tronchetti Provera told investors yesterday that he expected total sales and EBITDA to grow by at least 5% and 10% respectively over the next three years, up from the previous estimates of 4% and 8%. Mr Provera cited the Group’s fixed and mobile operations in Latin America as the main drivers of growth, followed by its broadband operations in France and Germany. He added that in the short-term the company would continue to focus on reducing its debt burden, currently standing at around EUR33 billion, and as such it would not be looking to make any large acquisitions in 2004.