Ing C Olivetti & Co Spa should break even at the pre-tax level in 1995, with turnover forecast to climb over 11%, president Carlo de Benedetti told the shareholders’ meeting – and the company has no intention of quitting the computer business – It would be like suggesting Fiat would stop making cars, De Benedetti said in a television interview following the meeting. There has been widespread speculation that Olivetti was considering pulling out of the personal computer business but People who say that are incompetent, De Benedetti said. de Benedetti said turnover rose 18.2% between January and May against the same period last year. In the first five months of 1994 sales had risen 6.5% over 1993 levels, he added. As far as the turnover is concerned, we have seen very positive data, he told shareholders. The board Co has not discussed the possiblity of calling on shareholders for new capital, laying to rest gossip that the company might have a rights issue up its sleeve. And on Omnitel Pronto Italia SpA, the cellular operator in which Olivetti is a major investor, it should break even by 1998. De Benedetti said he expected the firm, which should start selling its cellular phones by the end of the year, will have a positive cashflow in 1999, and he looks for a 34% market share by 2000, rising to 36% share by 2004.
