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London (pte031/21.05.2003/15:22) - British mobile operator mm02 http://www.mm02.com has booked a pre-tax loss of 10.148bn pounds (14.2bn euros) in its first complete fiscal year as an independent company.
The losses have been attributed to depreciation and extraordinary costs of up to 9.664bn pounds (13.5bn euros), as reported by the company today, Wednesday. Turnover climbed 14 per cent to 4.874bn pounds (6.8bn euros) and operating losses fell from 337m pounds to 104m pounds (145.7m euros). The group's earnings before interest, taxes, depreciation and amortisation increased from 433m pounds last year to 859m pounds (1.2bn euros), while net losses fell from 68m to 549m pounds (769m euros)
In spite of the weak annual result, mm02 CEO Peter Erskine believes his company is on the right track, having successfully restructured business in Great Britain and Germany.
Depreciation accounted for a total of 8.3bn pounds - 2.3bn in Great Britain, 4.7bn in Germany and 1.3bn in Ireland. mm02 announced last month it was planning to sell its Netherlands subsidiary. The telecoms group split off from British Telecom in 2001.
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