Asset sales lower Tiscali losses

13 Nov 2007

The Italy-based ISP Tiscali says the sale of assets in the Netherlands, Germany and Spain has helped reduce losses for the first nine months of this year. Net loss for the period under review stood at EUR3.8 million (USD5.55 million), down from EUR67.4 million a year ago. The sale of assets in continental Europe brought in EUR95.8 million. Sales for the period rose 26% to EUR614.3 million, while EBITDA was up 53% at EUR103.5 million. The firm, whose main businesses are now in Italy and the UK, aims to turn a profit in 2008. It had 4.6 million customers, including 2.6 million broadband subscribers, at the end of September.

Italy, United Kingdom, Tiscali, Tiscali UK