Tiscali SpA, Europe’s third largest ISP, has posted a 25% rise in first-half sales despite an increased net loss following a sharp slowdown in acquiring new broadband customers.
For the six months ending June 30, Tiscali posted a net loss of 134.3m euros ($165m), up from a net loss of 129.3m euros ($159m). Revenue was 539m euros ($662m), compared with 429m euros ($527m) in the year-ago period.
Meanwhile, the ISP has named Vittorio Serafino as chairman following the resignation of Tiscali’s founder, Renato Soru, who moved into politics earlier this year.
Serafino’s past experience is in merchant and commercial banking, and he was proposed by Soru who in June successfully ran for the governorship of his native Sardinia, the Italian island where Tiscali is based.
Soru said he will stay on as major shareholder and keep on following with attention and interest the future of the company.