BT 2Q Profit Beats Forecasts
October 29 2015 - 4:05AM
Dow Jones News
By Simon Zekaria
LONDON--BT Group PLC (BT.A.LN) Thursday lauded its strategic
direction as the U.K.-based telecommunications group recorded a
forecast-beating rise in quarterly profit, with demand for its
fiber-optic Internet broadband and sports television channels
boosting business.
The U.K. group's net profit in its second quarter, ended Sept.
30, rose to 525 million pounds ($801 million), compared with a
market consensus forecast of GBP481 million, up from GBP446 million
in the same period a year earlier.
BT's closely-watched earnings before interest, taxes,
depreciation and amortization on an adjusted basis fell 1%
year-over-year to GBP1.44 billion, hit by spending on its sports TV
business.
Revenue in the second quarter on an adjusted basis was unchanged
at GBP4.38 billion, higher than a consensus market forecast of
GBP4.33 billion. Excluding exceptional items, foreign exchange
movements and acquisitions or disposals, as well as transit costs,
revenue rose 2%.
"Our strategy is delivering and our results show we're on track
to achieve our outlook for the year," said Chief Executive Gavin
Patterson.
The telecom company competes with rivals such as Sky PLC and
Liberty Global PLC's Virgin Media for subscribers in the U.K.'s
competitive telephony and media services market. To attract
broadband users, BT has spent billions of dollars on premium sports
content.
The group recommended an interim dividend of 4.4 pence, up
13%.
BT shares closed Wednesday at 469 pence, valuing the company at
GBP39.2 billion.
Write to Simon Zekaria at simon.zekaria@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
October 29, 2015 03:50 ET (07:50 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
BT (NYSE:BT)
Historical Stock Chart
From Mar 2024 to Apr 2024
BT (NYSE:BT)
Historical Stock Chart
From Apr 2023 to Apr 2024