Tiscali narrows losses, ups revenues
Which is nice
Job cuts and a major major restructuring initiative has helped European Internet outfit Tiscali to cut Q2 losses before interest, tax, depreciation and amortisation (EBITDA) by 43 per cent, the company announced today.
EBITDA losses fell to E63.3 million in Q2 from E103.1 million in the previous three months. At the same time, revenues rose from E149.5 million in Q1 to E165 million in Q2. Internet access services contributed 60 per cent of revenues (E98.3 million).
Tiscali's portal business generated revenues of E19.9 million (12 per cent of total revenues) helped in part because it has largest Web property in Europe visited by 13 million unique visitors.
Even in these depressed times for online advertising, Tiscali reckons this performance is "highly significant, given the difficult trading conditions".
The company also said that its Italian parent company and Dutch and South African subsidiaries achieved positive EBITDA in Q2.
Earlier this year Tiscali axed hundreds of jobs following its acquisition of World Online, LibertySurf and LineOne. ®