Olivetti made a loss of over #300 million for its last financial year. But the company forecast that things would turn round this year as Robert Colaninno, chief executive at Olivetti, said that it will concentrate now on telecoms, services and IT solutions.
The company blamed ?external events? for the severe downturn in its fortunes. Those were partly caused by the removal of Carlo De Benedetti as chief executive of Olivetti. That in turn caused a domino effect with boardroom strikes and industrial action all having a negative effect on Olivetti.
Last week Olivetti managed to sell its PC division to Piedmont and the 1996 financial results include the PC unit.
Olivetti is still under investigation by Consob, the overseer of Italy?s financial markets, for alleged insider trading and bad book keeping practice.
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