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Hamburg (pte028/18.02.2003/13:43) - Online services provider freenet AG http://www.freenet.de has been able to make a profit, as revealed today in the company's annual report for 2002.
After suffering losses of up to 9.84m euros in 2001, the listed company managed to reap a pure profit of 1.29m euros last year. At the same time, turnover climbed from 27.95m to 42.22m euros.
Earnings before taxes jumped from minus 16.4m euros in 2001 to positive 3.68m euros last year. The EBITDA grew from minus 12.8m to 8.8m euros. By the end of 2002 the company's liquid assets were estimated at 64.5m euros. In the fourth quarter, freenet increased its turnover by 53 per cent to 13.39m euros - the fifth consecutive quarter reflecting boosted turnover. Group earnings were 1.55m euros compared to losses of 1.8m euros in the previous year.
freenet further announced it had negotiated a preliminary contract with ailing parent company MobilCom to purchase its telephone network for about 35m euros.
By its own report, freenet has over 3.7 million customers and 5.68 million members, making it the second largest online services provider in Germany. Its customer base increased by 630,000 in 2002.
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