By Aled Herbert, 7 August 2001 08:45
NEWS Colt published its interim results three days early and warned of increasing losses in the turbulent telecoms market. The beleaguered telco announced it was cutting back on capital spending by up to £250m over the next two years and reducing the financing for its European network from £650 to as low as £500m. Colt CEO Peter Manning said the company had full funding through to the third or fourth quarter 2002 and was reviewing its debt and equity options, according to The Times. He added that the company would be in a very strong position, should the telecoms market recover. Colt's profits before interest, tax, depreciation and amortisation for the quarter ending 30 June were £6.5m. Revenues for the half year up to June were £433.5m, with pre-tax losses standing at £108.2m.
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