The mobile telephony arm of Olivetti, Omnitel Pronto Italia has successfully turned around its business to turn in positive results.
Net profit for the first nine months of the year was L498 billion ($307.2 million) compared to a loss of L167 billion ($103 million) last year. Revenue for the first nine months increased 148 per cent to reach L2.95 trillion ($1.8 billion).
On 3 October, the total number of customers broke the five million mark making Omnitel Europe's third largest GSM operator, according to industry figures. During 1998, the company also captured 2.6 million new subscribers - more than the combined number for the previous two years.
Omnitel attributed the success to its pre-paid service.
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