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OMNITEL PRONTO ITALIA announces preliminary 1998 year-end
results:
REVENUES reach almost Lit. 4,500 BILLION with EBITDA
OF LIT. 1,473 BILLION. net profit INCREASES TO lit. 781
BILLION. the number of SUBSCRIBERS BREAKS THE 6.5
MILLION THRESHOLD during the month of February 1999
February 19, 1999
| For additional information contact: | Carlo Fornaro, Omnitel Press Office |
Milan - Omnitel Pronto Italia, Italy's first private
GSM operator, closed its 1998 fiscal year with results that confirm the
company's standing in the telecommunications market. The company's
preliminary results - subject to the approval of the Board of Directors
scheduled to meet on March 18 - show that Omnitel posted revenues for
Lit. 4,471 billion as compared to Lit. 1,835 billion posted in 1997.
EBITDA (Earnings Before Income Tax, Depreciation & Amortization) for
the year was Lit. 1,473 as compared to Lit. 310 billion posted in 1997.
Net profit for fiscal year 1998 was Lit. 781 billion as compared to a net
loss of Lit. 140 billion posted in 1997. The company's net profit of Lit.
781 billion is posted after the accrual of Lit. 58 billion in local taxes
(IRAP). Corporate income taxes (IRPEG) benefit from the tax losses
carried forward by the company from its first years of operation.
1999 started with a very positive growth trend as compared to the first
months of 1998. At the beginning of February Omnitel reached 6.5 million
customers, confirming the company's standing as Europe's second cellular
operator and as one of the leading wireless operators in the world. With
3.7 million new subscribers signed up in 1998, Omnitel gained a 42.6%
market share last year. Today, one Italian wireless subscriber in three is an
Omnitel customer.
During 1999 Omnitel will continue to invest heavily in its GSM
infrastructure, customer care centers and services. In 1998 the company
invested Lit. 1,308 billion in these areas. During 1999 Omnitel will
introduce new services and solutions which will greatly widen the range of
applications available to wireless customers. In 1999 Omnitel expects the
users of wireless services to overtake the number of landline network
users although landline traffic is expected to grow due to a growth in data
transmission.
