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Thursday, 30 August, 2001, 16:05 GMT 17:05 UK
Surprise rise in Orange profits
Strong results from France Telecom, owner of the mobile phone and internet companies Orange and Wanadoo, has given telecoms investors some unexpected cheer.
Profits at Orange - the leading mobile phone operator in France, and the UK's number two - rose 102% to 1.63bn euros ($1.48bn; £1.02bn), excluding the costs of interest payments, tax, depreciation and amortisation (Ebitda). This was far above expectations of a 60% rise. Cash flow was also much stronger than expected. Error France Telecom brought forward the publication of its first-half results after sending the figures, in error, to analysts. On Wednesday evening, France Telecom asked analysts in an e-mail to ignore the "confidential information" that had been sent out in error. But with shares in Orange climbing 8% during Thursday morning trade, France Telecom was forced to confirm the preliminary data. France's leading telecoms operator has blamed a computer error in its press office for the leak. Rising shares The strong performance by Orange helped France Telecom to a 14% rise in first-half Ebitda to 6.07bn euros. And the group's internet arm Wanadoo reported losses of 54m euros, 3m euros less than the previous year. Full results will be released on 5 and 6 September as originally scheduled. When the markets closed, shares in Orange were 19.5p or 4.28% higher at 475.55p on the London stock exchange, down from the day's high. In Paris, France Telecom stock fell 5.5%.
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