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Tiscali to break-even in Q4

Revenues up, losses down etc

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Italian Internet giant Tiscali is on track to break-even in the next quarter, the company reported today.

This will be some feat if it succeeds, in light of the major restructuring that has taken place at the company over the last year or so.

Barely a month goes by when the Italian group doesn't snap up some European ISP or other before integrating it into its ever-expanding Internet empire.

The pace of Tiscali's growth has been breathtaking at times, not least for the resulting job losses that are a result of many of its acquisitions.

Earlier this year around 300 jobs were lost in the UK alone following the integration of World Online, LibertySurf and LineOne.

However, the company claims that the integration of different companies into a single company under the same Tiscali brand, and adopting the same technologies throughout Europe, is "progressing rapidly".

And it reports that the integration of Web sites into a single Tiscali portal for all of Europe has been completed.

The company reported that Q3 revenues were up 260 per cent at E190.1 million (£116.46 million) compared to the same period last year and 15 per cent higher than in Q2.

A significant slice of this revenue - E121.7 million (£74.56 million) - came from access charges.

EBITDA (earnings before interest etc) losses fell 29 per cent on the previous quarter to 44.8 million (£27.44 million).

Importantly, though, Tiscali says it is "on target to reach EBITDA break-even in 4Q01".

The company claims that the combination of price increases, the migration of Internet traffic to its own IP network and the re-negotiation of existing contracts, have all helped it to within sight of achieving break-even operating EBITDA in the final quarter of this year.

As of the end of September the European ISP had 7.56 million active users accounting for 130 million minutes of daily Internet traffic in September 2001. ®

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