Telecom Italia - back in black

7 May 2004

Strong performances from its mobile and broadband subsidiaries helped Telecom Italia return consolidated net profits of EUR277 million in the first quarter of 2004, up from a loss of EUR397 million for the corresponding period of 2003. Total revenues rose by 1.7% to EUR7.42 billion, thanks to a 1.4% rise in fixed line revenues, driven by demand for broadband internet lines, and a 12% hike in turnover at Telecom Italia Mobile. Telecom Italia said it had net debts of EUR30.8 billion at 31 March 2004, down from EUR33.3 billion three months previously, putting it well on track to achieve its target of reducing its debt burden to EUR30 billion by the end of 2004.