France Télécom’s annual group profits decline, but H2 net income more than doubles

10 Feb 2005

France Télécom reported today that its consolidated net income for 2004 was EUR2.8 billion, a drop of 13.2% over the previous year, although for the second half of the year it rose to EUR1.68 billion from EUR648 million. Annual revenues totalled EUR47.2 billion, 4.1% up over 2003. The company put the increase in turnover and the second half improvement in group performance down to three factors: cost cutting, including axing 12,000 jobs in 2004, with another 8,000 planned this year, a 10.4% increase in the revenues of mobile arm Orange, which ended the year with 54 million subscribers worldwide, and the increasing success of its internet businesses, which reported 6.3 million ADSL customers in France and another 5.1 million in the rest of Europe, up 88% in the year. Last year France Télécom bought back EUR2.28 billion publicly traded minority stakes in Orange and its ISP Wanadoo.

France, Orange Group