TELECOM ITALIA'S FIRST QUARTER OPERATING PROFIT UP 22.4%

Italian telecommunications company Telecom Italia said group consolidated operating profit was 2.87 trillion lire (USD1.6 billion) in the three months to March 31, a rise of 22.4% on the same period in 1997. The company said group turnover was more than 10.3 trillion lire, a rise of 4.1% on the first quarter last year. Telecom said that among the sectors that had particularly contributed to the rise in turnover was Telecom's mobile unit, Telecom Italia Mobile, up 23.7% and international services, up 28.4%. Gross operating margin was more than 5.4 trillion lire, up 4.6%. Gross margin to turnover was 52.7%, in line with the first quarter of 1997. Group cash flow for the quarter was 3.858 billion, a rise of 2.6% compared with the first quarter last year, more than covering the total investments in the period, which amounted to...