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Spain's Jazztel losses double to 177.6 mln euros

27/02/2006 21:51

MADRID, Feb 27 (Reuters) - Net losses at Spanish telecoms and data company Jazztel increased 96 percent to 177.6 million euros ($210 million) in 2005 the company said on Monday, but added that it aimed to be back in profit in 2008.

"This figure reflects the effort made by Jazztel to enhance its operations to better serve the new business situation particularly in network deployment, customer care and marketing and sales areas," Jazztel said in a statement late on Monday.

Losses before interest, tax, depreciation, amortisation (EBITDA) grew to 126.5 million euros from 16.4 million a year ago, but revenues fared better, up 20 percent to 248 million euros.

In November Jazztel, which provides broadband Internet and voice services to small and medium-sized companies across Spain, forecast a negative EBITDA of 120 to 130 million euros and revenues of between 240 and 250 million euros.

Unveiling its business plan for 2006 to 2009, Jazztel said it aimed to reduce net losses to between 145 million and 160 million euros in 2006 and to between a loss of 5 million and a profit of 30 million euros for the 2008 financial year.

As part of the plan, Jazztel said it aimed to "maintain the marketing effort to take advantage of the broadband market growth and momentum."

The group said its number of contracted ADSL broadband customers leapt to 220,565 people from 9,223 in 2004, while the number of clients using its voice service on pre-selected lines rose 14 percent to 247,404 people.

Jazztel's Madrid-listed shares closed up 1.3 percent to 78 euro cents on Monday, making the company worth around 750 million euros. ((Reporting by Ben Harding; editing by Michael Miller; email: ben.harding@reuters.com; telephone: +34-91-585-8328))