Deutsche Telekom profit plunges by 26.7 percent

4th August 2011, Comments 0 comments

German telecommunications operator Deutsche Telekom said Thursday that its second quarter net profit fell by 26.7 percent to 348 million euros ($497 million) owing to restructuring costs.

That was far below an average analyst forecast of 563 million euros compiled by Dow Jones Newswires.

Sales were down by 3.3 percent at 10.97 billion euros, a statement said.

But Deutsche Telekom, which is burdened by its Greek unit OTE, nonetheless confirmed full-year targets including core operating earnings before taxes and special items of 14.9 billion euros.

© 2011 AFP

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