Sonae narrows Q4 loss through cost cutting

26 Feb 2003

Sonae.com, parent company of Portugal’s third largest mobile phone operator Optimus and fixed line telco Novis, claims to have narrowed its loss in the fourth quarter thanks to a series of cost cuts including shedding 7% of its workforce. The company reported a loss of EUR17 million at the end of 2002, compared with EUR26 million a year earlier with the cuts totalling EUR23.8 million in the quarter. Optimus, which competes with TMN and Vodafone-Telecel in the country’s mobile market, cut losses to EUR1.7 million in the three month period from EUR7.4 million the previous year, while Novis, one of the few challengers to Portugal Telecom in the provision of wireline services, narrowed its loss to EUR16.4 million from EUR28.5 million. Sonae.com’s net debt fell by 26% to EUR378 million at the end of 2002.

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