Orange has turned in a profit for the first time in its history and raised its margin targets.
The group reported a pre-tax profit for 2001 of €386 million. The figure does not account one-off costs or goodwill but is an improvement of €795 million on 2000. Turnover grew 25 per cent to €15.087 billion, and earnings improved 86 per cent to €3.288 billion.
The group has written down the carrying value of its 28.5 per cent stake in Germany's MobilCom to zero from €3.428 billion.
Orange owner France Telecom is in dispute with MobilCom over financing MobilCom's UMTS network.
Orange has raised its earnings margin targets. It is now aiming for a 40 per cent earnings margin in France by 2003 or 2004 against an initial target of 35 to 40 per cent by 2005.
In Britain, the group is now targeting 35 per cent earnings margin by 2003 or 2004, up from 35-40 per cent by 2005. It aims to achieve a 35 per cent earnings margin by 2003 on its Rest of World operations.
Orange showed a 29 per cent rise in its total customer base to over 39 million.
PA