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Business

Deutsche Telekom Sees Profits Rise

German telecommunications giant Deutsche Telekom said Thursday that second-quarter net profit had risen to €1.655 billion ($2.025 billion) from €256 million a year earlier. The result was significantly higher than some forecasts. Analysts polled by news agency AFP had predicted a rise of €485 million. Deutsche Telekom's adjusted operating profit (EBITDA) rose 4 percent to €4.783 billion year-to-year, while its second quarter sales moved up to €14.412 billion, a rise of 6 percent over the 2003 second quarter. The company said it expected to at least double full-year net profit to €2.5 billion following its rosy second quarter results. Chief executive officer Kai-Uwe Ricke also said that Deutsche Telekom intended to pay an "attractive dividend" for the 2004 financial year. Net debt was put at 43.3 billion euros at the end of June against 44.6 billion euros at the end of March. The company also said that it expected its number of broadband customers to increase from the original target of 5 million to "at least 5.6 million by year-end. In mobile communications in United States, Deutsche Telekom now expects to have around 17 million subscribers by year-end, representing approximately four million net additions in 2004." Deutsche Telekom said that group revenue growth was again driven by its T-Mobile and T-Online divisions. ( AFP)

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