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Munich (pte026/27.02.2003/13:28) - The telegate Group http://www.telegate.de, Germany's second largest telephone information operator, reported today that it had increased its losses in 2002.
Earnings before interest and taxes (ebit) fell to 25.2m euros after minus 37.6m euros in the previous year.
The company attributes last year's poor results to a goodwill depreciation of their US business
At the same time, earnings before interest, taxes, depreciation and amortisation (ebidta) climbed from minus 17.8m euros in the previous year to 9.4m euros in 2002. In the fourth quarter of 2002 telegate achieved its highest ever ebitda with 3.8m euros.
Turnover dropped by about 11 per cent to 115.6m euros due to restructuring of telegate's US business and the use of telegate's free Internet information service in Germany, as reported by the group.
The number of callers sank from 150 million in 2001 to 119 million in 2002.
Two weeks ago, telegate entered the Austrian market with its new subsidiary 11 88 00-telegate GmbH. Up to a million calls are expected in Austria by the end of the year.
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