Deutsche Telekom net profit plunge 37.4 percent

  • News Digest

Feb 22, 2019-

Network operator Deutsche Telekom reported on Thursday tumbling profits but higher revenues in 2018, saying the smaller bottom line was down to the previous year’s one-off lift from US tax cuts and sticking to its forecasts for 2019. Net profit at the Bonn-based giant fell 37.4 percent, to 2.2 billion euros ($2.4 billion). Operating, or underlying profit also dropped 8.9 percent, to 21.8 billion euros, although revenues grew 0.9 percent to reach 75.7 billion. Lower net profit was “primarily attributable to the positive one-time effects of the US corporate tax reform” in 2017, Telekom said in a statement. Nevertheless, “we kept our promises and continued to grow in 2018,” chief executive Tim Hoettges said. (AFP)

Published: 22-02-2019 11:18

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