TOUGH TRADING FOR BT -- ISSUE OF THIRD QUARTER RESULTS
TOUGH TRADING FOR BT -- ISSUE OF THIRD QUARTER RESULTS LONDON, Nov. 1 /PRNewswire/ -- Firm control of costs allowed BT
(ADRs - NYSE: BTY) to post a small increase in profits for the six months to Sept. 30, the company announced today. But increasing competition, the tough RPI-6.25 percent formula on prices since Sept. 1, and the effects of the recession meant that turnover increased by only 2.4 percent on the same period last year.
While pre-tax profits increased by 5.1 percent for the six months, the second quarter profit figure was virtually the same as last year. Despite the recession, BT invested nearly 1.2 billion pounds sterling in the first six months of the year (over 9 million pounds per working day). And the quality of service results, also published today, showed that service to customers had again improved overall during the last year. BT Summary of Financial Results (In millions of pounds sterling except per share amounts) Second Quarter Half Year Pct. Pct. Change Increase Turnover 3,290 0.7 6,632 2.4 Operating Profit 860 (3.2) 1,780 1.6 Profit before taxation 785 (0.8) 1,610 5.1 Profit after taxation 530 (0.7) 1,087 5.1 Earnings per share 8.5p (2.0) 17.4p 3.9 Dividend per share, net 5.7p 8.6 -0- 11/1/91 /CONTACT: BT Corporate Newsroom, in London, 71-356-5369/ (BTY) CO: BT ST: IN: TLS SU: ERN GK -- NY005 -- 0036 11/01/91 06:53 EST
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|Date:||Nov 1, 1991|
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