Business & Finance

Deutsche Telekom rings up big profits thanks to US tax reform

Published February 22, 2018 Updated February 22, 2018 09:06am

Profit lept by 29.4 percent to 3.46 billion euros ($4.2 billion) for the year, thanks partly to one-off tax savings of 1.7 billion euros resulting from reforms pushed through by US President Donald Trump in December.

By comparison, the German group's 2016 profits had been dragged down by a decline in the BT share price and in the pound sterling following the UK's vote to leave the European Union.

Full-year revenues for 2017 rose 2.5 percent to 74.95 billion euros, Deutsche Telekom said.

Investments meanwhile reached a record 12.1 billion euros as the company pumped funds into laying 40,000 kilometres of new fibre-optic cables last year in Germany.

Copyright APP (Associated Press of Pakistan), 2018