BT calls up soaring first-quarter net profits

29th July 2010, Comments 0 comments

British telecoms operator BT Group said Thursday that first-quarter net profit jumped by almost one third, driven by cost savings amid "challenging" trading conditions.

Net earnings leapt 33 percent to 284 million pounds (339 million euros, 443 million dollars) in the three months to June 30, compared with the same period of last year, BT said in a results statement. Revenue eased four percent to 5.006 billion pounds.

The performance was driven by the group's global services division and a 291-million-pound million reduction in operating costs, largely due to reductions in labour costs and cost savings across the board.

"Despite the challenging environment, these financial results underpin our outlook for the full year," said BT chief executive Ian Livingston in the earnings release.

- Dow Jones Newswires contributed to this report -

© 2010 AFP

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