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Deutsche Telekom sales up, earnings down : Report

By Frankfurt Bureau
Germany's Deutsche Telekom AG Thursday posted increased revenue in the third quarter, but slightly lower earnings as the company invested in measures to acquire new customers
Adjusted earnings before interest, tax, depreciation and amortization in the third quarter fell by 2.6% to EUR4.66 billion, mainly due to investments in customer growth.
Adjusted after-tax profit came in about 11% lower than in the year-earlier period at EUR823 million
After-tax profit was EUR588 million.
Revenue was up 6.0% on the year to EUR15.5 billion, beating analyst expectations of EUR15.31 billion
About 59% of revenue was generated internationally
Telekom's U.S. unit T-Mobile led revenue growth by acquiring more than a million net customers between July and September.
Organic revenue, which doesn't include the acquisition of MetroPCS, was up 2.4%
Deutsche Telekom confirmed its guidance for the full year 2013
Adjusted EBITDA is still expected at around EUR17.5 billion and free cash flow around EUR4.5 billion
Earlier this week, T-Mobile posted a narrowing loss as the company added new customers and revenue was boosted by contributions from its merger with MetroPCS Communications Inc.

1 comentario:

El Genio dijo...

By MarketWatch
Commerzbank AG reported a stronger-than-forecast third-quarter net profit on a combination of improvements in cost cutting, a lower tax rate and lower loan-loss provisions, while the main revenue driver, net interest income, exceeded expectations.

Germany's second-biggest lender by market value also made progress in further cleaning up its balance sheet and said it was on track for full-year cost-management and loan-loss provision targets amid continued pressure on revenues.

Commerzbank is in the middle of a four-year restructuring plan, whereby it aims to strengthen its four main business units by 2016, while shedding other assets that were transferred to an internal "bad bank" a year ago.

Assets in its internal "bad bank" were cut by 12 billion euros ($16.2 billion) in the quarter to EUR124 billion, beating the year-end target of EUR125 billion.

"We have further enhanced the stability of the bank," said Chief Executive Martin Blessing, pointing to progress in reducing risks, improving capital ratios and cutting costs.

Third-quarter net profit rose 15% to EUR77 million from EUR67 million in the year-earlier period, defying expectations of a decline to EUR17 million.

Overall revenue was weaker, due to falls in net commission income and a swing to a trading loss of EUR74 million from a trading profit of EUR224 million a year ago, below forecast of EUR162 million. This reflected a weak performance in the fixed-income business, similar to peers.

Net interest income rose 16% to EUR1.48 billion from EUR1.28 billion, above the forecast EUR1.36 billion. Operating costs fell to EUR1.69 billion from EUR1.73 billion, better than the forecast EUR1.71 billion.

The sale of a U.K. commercial real-estate portfolio valued at about EUR5 billion in the quarter helped to reduce non-performing loans and speed up asset reduction in the bank's internal bad bank, though Commerzbank has said that chances for future asset sales of a similar size are thin.

Commerzbank has said there will be a EUR179 million charge related to the sale, of which EUR45 million is in the third quarter.