First-quarter net profit before one-time gains of Telecom Italia rose 32 percent to EUR 503 million thanks to increased cash flow and reduced investments. First-quarter operating profit rose 7.8 percent to EUR 1.87 billion. Revenues in the first quarter of 2003 amounted to EUR 7,125 million, a 1.9% drop compared with the same period in 2002 (EUR 7,265 million). The company predicted operating profitability for the full year in line with 2002 prior to accounting changes that will result from its imminent merger with Olivetti.
