The Italian satellite communication services provider Telespazio, fully controlled by state-holding company Finmeccanica since November 2002, remained in the red in 2003. Following 2002's poor results, when Telespazio reported €37 million ($45 million) losses on sales of €268 million, last year's results have not been released, but the company is expected to report losses of at least €17 million. Net asset value fell from €43.5 million to €33 million. Telespazio blames restructuring and previous losses for the poor results.
Source: Flight International
