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Article: DEUTSCHE TELEKOM RECORDS EURO 24.6 BILLION LOSS.
- Article from:
- Tech Europe
- Article date:
- March 14, 2003
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Deutsche Telekom (DTEGn.DE) posted a 2002 net loss of Euro 24.6 billion on March 10, the biggest in German corporate history, but its fourth quarter marked a start of its revival from record losses. Europe's largest telecoms operator said full year earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 7.8% to Euro 16.3 billion. Write-downs and charges to the tune of Euro 19.3 billion on assets bought at inflated prices in the boom plunged Deutsche Telekom into the red, outstripping its French, Dutch and Spanish fixed-line rivals, which have already reported record losses. The carrier cut its debt pile to Euro 61.1 billion in the past quarter. It has ...