Troubled Olivetti issued its preliminary 1997 financial results today and predicted a downfall of consolidated revenues to Lire 6,588 billion, down 4.4 per cent from 1996. At the same time, it said it would turn in a consolidated profit for the year.
At the same time, the company said its second half revenues rose by 1.1 per cent and the board of directors said that Olivetti is on the mend.
Its net book financial indebtedness on 31 December 1997 was less than Lire 1,000 billion, compared to a debt of Lire 1,692 billion on 31 December 1996. 1998, said a statement from the board, showed significant growth already.
The board said that negotiations with Wang over a proposed merger with solutions and services division Olsy, "are proceeding satisfactorily".
Olivetti has coopted Klaus Esser, CFO and member of the Mannesmann board, to its own board of directors.
The Olivetti board said that its Omnitel division was showing strong growth.
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