France Télécom’s data network subsidiary Equant has reported revenues of USD1.433 billion for the first half of 2004, down 6.2% on the corresponding period of 2003. The company said the June 2003 expiry of a minimum revenue commitment from its subsidiary SITA impacted revenues by USD47 million. Excluding contributions from SITA, the company said its revenues would have fallen by just 1.6%. Equant’s operating income before depreciation and amortisation fell by USD100 million to USD59 million, due predominantly to the adverse effects of currency fluctuations, with net losses increasing by 12% to USD195 million. At the end of June 2004 Equant had net cash reserves of USD199 million, down from USD479 million at the start of the year.