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TelePizza parent posts losses following '01 withdrawal from U.K., Morocco

May 8, 2002

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MADRID -- TelePizza Group, parent of Spanish pizza delivery chain TelePizza, lost 8.17m euros (U.S. $7.5 million) last year as a result of its withdrawal from markets in the UK and Morocco. The move cost the company 19.22m euros (U.S. $17.6 million).

According to Expansion, TelePizza's net profit was up 1.8 percent to 5.13m euros (U.S. $4.7 million). Sales were 342.8m euros (U.S. $313.5 million), down less than 1 percent from the prior year.

On May 7, TelePizza shares closed at 1.31 euros (U.S. $1.20), down 5 percent.

Spanish stock analysts expect TelePizza shares to be withdrawn from the Ibex 35 index at the next revision.