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Paris (pte049/03.03.2003/16:17) - French Internet services provider Wanadoo http://www.wanadoo.fr earned its first ever profit in 2002, making it the first large European Internet provider to report black figures http://www.wanadoo.com/eng/profil.htm?doc_17446.htm .
Net income reached 30m euros compared to a net loss of 193m euros the year before, as reported by Wanadoo today.
The France Telecom subsidiary managed to turn around its earnings before interest, taxes, depreciation and amortisation (ebitda) from minus 64m euros in the previous year to 90m euros in 2002. This not only surprised analysts, who had predicted an ebitda of only 68m euros, but also Wanadoo heads, who had not expected to break even until 2003. Turnover climbed by 33 per cent to 2.75 billion euros.
The company attributes its positive results to tax benefits and good business from its "Internet access, portals and e-business", as well as its phonebook services.
The French company is optimistic about the year 2003, predicting revenue growth of 25 to 35 per cent and expecting to triple its ebitda.
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