Deutsche Telekom rings up big profits

Berlin: German telecoms giant Deutsche Telekom on Thursday announced a big jump for its 2017 net profit, as a tax bump from the United States helped offset record investments in fibre-optic infrastructure. Profit lept by 29.4 per cent 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. — AFP