Rocky start

11 May 2006 By Mike Verdin

The year looks to have got off to an even worse start than the German telecoms operator predicted. Poor domestic performances held it back. With DT needing a property gain and an acquisition to stay on track, Blackstone s investment is looking less clever.

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Deutsche Telekom, the German mobile operator, reported first quarter earnings of E1.1bn, up 9.7% year on year. Excluding oneoffs, earnings fell by 1.3% to E980m.

Net revenues grew 3.9% to E14.8bn. Ebitda grew 2.7% to E5.0bn, including a E200m gain from the sale of properties.

The group cut to E24.8E25.2bn from E25.4E25.8bn full year revenue guidance for its fixed and broadband unit. However, it raised from E30.9E31.3bn to E31.9E32.3bn its guidance for revenues from its mobile operations. It attributed between E250m and E300 of the upgrade to Telering, its Austrian acquisition.

DT left its fullyear ebitda guidance unchanged at E20.2E20.7bn.

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