Colt Telecom said it is on track to expand into its twelfth European market next year after reporting massive gains in turnover during its third quarter.
Business telecomms network operator Colt reported a larger net loss of #9.76 million for the third quarter ended September 30, compared with a net loss of #4.86 million for the same period a year earlier.
Turnover for the quarter increased almost threefold year on year, reaching #61.06 million, compared with #21.4 million during the third quarter of 1997.
Colt said it is in a very strong financial position, with cash resources of #764 million available to fund its expansion plans.
After entering four new markets during the third quarter - Amsterdam, Brussels, Dusseldorf and Madrid - Colt expects to enter its twelfth market with the launch of a service in Milan during the first quarter of 1999.
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