Menu
26/07/2001
Union issues warnings over BT profit loss
Despite making some headway in reducing its amount of debt, British Telecommunications (BT) has revealed yet another quarterly drop in profits.
Announcing figures for the second quarter, Chairman Christopher Bland said that BT had succeeded in reducing debt from the “unsustainable” level of almost £28 billion, as recorded in March of this year. However, the company’s underlying profits have fallen to £186 million, in comparison to the company’s performance in the same quarter of 2000 which saw BT report a figure of £637 million.
BT have attributed the drop in profits as directly resulting from the intensive strategy the company has employed to reduce its debt, which included a discounted issue of new shares in June, and a spate of asset sell-offs, which raised £6 billion over the quarter.
The company is set to fully demerge into two separate business entities later this year, with BT Wireless set to take care of the company’s interests in the mobile sector, and Future BT comprising the rest of its present operations.
BT Wireless has already announced operating losses of £95 million, prompting criticism from communications union CWU, who warned that chasing short-term financial benefits in form of a spin-off process meant that BT could be “staring into the abyss”.
(CL)
Announcing figures for the second quarter, Chairman Christopher Bland said that BT had succeeded in reducing debt from the “unsustainable” level of almost £28 billion, as recorded in March of this year. However, the company’s underlying profits have fallen to £186 million, in comparison to the company’s performance in the same quarter of 2000 which saw BT report a figure of £637 million.
BT have attributed the drop in profits as directly resulting from the intensive strategy the company has employed to reduce its debt, which included a discounted issue of new shares in June, and a spate of asset sell-offs, which raised £6 billion over the quarter.
The company is set to fully demerge into two separate business entities later this year, with BT Wireless set to take care of the company’s interests in the mobile sector, and Future BT comprising the rest of its present operations.
BT Wireless has already announced operating losses of £95 million, prompting criticism from communications union CWU, who warned that chasing short-term financial benefits in form of a spin-off process meant that BT could be “staring into the abyss”.
(CL)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
13 November 2002
Pre-tax profit hike for Viridian Group
The Viridian Group has reported a £3.1 million increase in pre-tax half-year profits. The figures, released on Tuesday, revealed that for the six months up to the end of September, the company posted a pre-tax profit hike of £29.8 million compared to £26.7 million for the same period last year. While turnover increased from £305.3 million to £331.
Pre-tax profit hike for Viridian Group
The Viridian Group has reported a £3.1 million increase in pre-tax half-year profits. The figures, released on Tuesday, revealed that for the six months up to the end of September, the company posted a pre-tax profit hike of £29.8 million compared to £26.7 million for the same period last year. While turnover increased from £305.3 million to £331.
24 August 2001
BT comes under pressure from Oftel
British Telecom (BT) has come under pressure from telecommunications regulator Oftel to improve access to its lines for rival operators. Oftel has intervened to determine the service levels that BT must offer to other operators wanting to unbundle BT local loops and the compensation the company must pay if it fails to meet those levels.
BT comes under pressure from Oftel
British Telecom (BT) has come under pressure from telecommunications regulator Oftel to improve access to its lines for rival operators. Oftel has intervened to determine the service levels that BT must offer to other operators wanting to unbundle BT local loops and the compensation the company must pay if it fails to meet those levels.
11 February 2011
Irish Banks 'Free-up' Lending
The Irish Government has welcomed the latest report from the Credit Review Office, which suggests that there has been an improvement in the lending arrangements between the country's two main banks and small businesses.
Irish Banks 'Free-up' Lending
The Irish Government has welcomed the latest report from the Credit Review Office, which suggests that there has been an improvement in the lending arrangements between the country's two main banks and small businesses.
15 May 2002
CCTV scheme in Derry “exceeds expectations”
The group which runs a scheme aimed at reducing criminal behaviour and encouraging business confidence in Derry City centre has declared that the project has far exceeded their expectations.
CCTV scheme in Derry “exceeds expectations”
The group which runs a scheme aimed at reducing criminal behaviour and encouraging business confidence in Derry City centre has declared that the project has far exceeded their expectations.
11 November 2004
New wave turnover sustains BT profits
A new wave of hi-tech turnover including broadband connections has helped BT to hold the line on profits. In its quarterly report published today, BT Group reported that turnover for the year was up 1%, at £9.2 billion. Most growth was in what BT described as "new wave" turnover that increased by 34% in the year to reach £1,969 million.
New wave turnover sustains BT profits
A new wave of hi-tech turnover including broadband connections has helped BT to hold the line on profits. In its quarterly report published today, BT Group reported that turnover for the year was up 1%, at £9.2 billion. Most growth was in what BT described as "new wave" turnover that increased by 34% in the year to reach £1,969 million.
-
Northern Ireland WeatherThis Evening and Tonight:Bright spells with a few showers continuing through this evening. Some drier, clearer periods in the early hours, before cloud builds and showers turn more persistent towards dawn. Minimum temperature 4 °C.
