Germany: Phone firm lifts profit by 7.2%
November 6, 2009
Deutsche Telekom, Europe's biggest telephone company, yesterday posted a better-than-expected 7.2 percent increase in third-quarter profit to €959 million (R10.9 billion), aided by cost cuts. On average, analysts estimated a profit of €830m. The company reiterated its full-year free cash flow target of €7bn, and said earnings before interest, taxes, depreciation and amortisation would decline between 2 percent and 4 percent from €19.46bn last year. "The margin is strong and cash flow is encouraging," said Macquarie Capital Europe analyst Guy Peddy. "The results will firm up dividend expectations." - Bloomberg
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