Italy’s Tiscali pushes back profit target to 2023

Italian telecoms operator Tiscali on Monday pushed back its forecast for a return to profit by one year to 2023 citing the impact of the pandemic.

Last year it had forecast a net profit in 2022 and revenue of more than 200 million euros ($243 million).

For 2020 it said it had recorded a net loss of 22.2 million euros on revenue up 1% to 144 million euros. Its net financial debt rose to 92.1 million euros from 87 million.

Tiscali also said it sealed an agreement with Swiss-based investment firm Nice & Green, under which the telecoms group would issue up to 21 million euros in convertible bonds to cope with its financing needs.

An internet pioneer in the 1990s, Sardinia-based Tiscali later ran into trouble due to its large debt and is now a penny stock. Reuters