Sonae narrows Q4 loss through cost cutting

26 Feb 2003, 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.’s net debt fell by 26% to EUR378 million at the end of 2002.



Subscribe to CommsUpdate to get the day’s top telecom headlines delivered to your email.

Subscribe to CommsUpdate



Filter CommsUpdate by the following categories or use the search.


Visit our help page information on performing advanced searches, including how to restrict the results by country or company.


CommsUpdate is an outstanding advertising venue for companies seeking to reach:

  • International carriers
  • Wholesale service providers
  • Equipment and software vendors
  • Telecom investors
  • Regulators

Learn more about advertising on CommsUpdate.