October 16, 2017 / 8:46 AM / 2 months ago

Open Fiber CEO sees net profit turning positive in 2019

PRATO, Italy, Oct 16 (Reuters) - Open Fiber is expected to turn in a net profit in 2019 and it could also list its shares on the stock market that year or the following one, the head of the Italian broadband company said on Monday.

Speaking to Reuters on the sidelines of a 5G mobile networks conference near Florence, Enel Open Fiber CEO Tommaso Pompei also said the company would invest 6.5 billion euros ($7.66 billion) over the next five years, of which 2.7 billion euros would be public money.

Open Fiber, owned by utility Enel and Italian state lender Cassa Depositi e Prestiti (CDP), is rolling out ultrafast broadband to take on phone rival Telecom Italia . ($1 = 0.8483 euros) (Reporting by Stephen Jewkes, writing by Valentina Za, editing by Steve Scherer)

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