BT hit by disappointing profits

BT says it still expects to meet its targets for the financial year

Shares in BT have fallen sharply in Thursday trading as some investors dumped the stock following disappointing quarterly results.

Shares fell 12% to close at 173.9 pence, making it the biggest loser in the FTSE 100 share index.

The telecoms firm made a pre-tax profit of �513m in the April to June quarter, down 15% from �600m a year earlier.

Analysts said they were concerned about the firm's pension deficit and weak margins at its international business.

Falling revenue at BT's wholesale unit, which sells network access to other providers, was another source of concern.

Chief executive Ian Livingston said that the company would still meet its previously-stated targets for the financial year.

E-mail this to a friend

Printable version