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Munich (pte046/05.05.2003/15:30) - The telegate group http://www.telegate.de , Germany's second largest telephone directory service, has begun the new year on a good note.
The German group reduced its net losses from 3.3m to 300,000 euros in the first quarter, as announced today. Earnings before interest and taxes (ebit) leapt to 0.8m euros from minus three million the year before. At the same time, earnings before interest, taxes, depreciation and amortisation (ebitda) climbed from 0.3m to 2.9m euros.
However turnover dropped to 26.5m euros, compared to 30.6m euros in the same period last year. The group attributes this lower result in part to a general lag on the German telephone information service market.
Telegate says its plans for expansion to Great Britain and Spain are progressing as expected, with first relevant turnover results expected in the second quarter of 2003. The group's free cash flow is estimated at 1.8m euros, compared to 5.5m euros the year before.
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