BT Group 9-month Pre-tax Profit Down, Net Profit Climbs

BT Group Plc (BT), a British telecommunications firm, on Thursday reported that its nine-month profit before tax fell 15 percent to 1.307 billion pounds from last year's 1.537 billion pounds.

Profit after tax, however, climbed 49 percent to 1.32 billion pounds from prior year's 886 million pounds.

Revenue edged down 1 percent to 15.593 billion pounds from 15.68 billion pounds a year ago. The company noted that price increases and improved trading in Openreach and Consumer were offset by lower strategic equipment sales in Global, migration of a MVNO customer, removal of BT Sport revenue, and legacy product declines.

Adjusted revenue was 15.580 billion pounds, down 1 percent, while adjusted EBITDA grew 3 percent to 5.88 billion pounds.

In the third quarter, adjusted revenue was 5.21 billion pounds, down 3 percent, while adjusted EBITDA grew 2 percent to 2.01 billion pounds.

Looking ahead, the company said it is reaffirming outlook for the year despite extraordinary energy costs and other inflationary headwinds.

Further, the company said it is combining Enterprise and Global operations to create BT Business, a single, strengthened B2B unit.

BT is going further on cutting costs to deliver 3 billion pounds in annualised savings by the end of fiscal 2025.

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