By Cecilia Butini
Deutsche Telekom AG said Friday that net profit for the fourth quarter soared on higher revenue.
The German telecommunications company posted a net profit of 1.67 billion euros ($2.03 billion) for the quarter, up from EUR654 million for the same period the year prior.
Adjusted earnings before interest, taxes, depreciation and amortization after leases rose to EUR8.95 billion for the quarter from EUR6.03 billion the previous year.
Revenue came in at EUR27.62 billion for the quarter compared with EUR21.36 billion in 2019.
For the whole of 2020, revenue amounted to EUR101 billion, up from EUR80.53 billion the previous year. The company attributed the growth to the takeover of competitor Sprint in the U.S.
Deutsche Telekom said the rise in earnings was achieved despite negative effects of the coronavirus pandemic such as lower roaming revenues.
Looking ahead, the company said it expects adjusted Ebitda after leases for 2021 of around EUR37 billion and free cash flow after leases of around EUR8 billion.
Write to Cecilia Butini at firstname.lastname@example.org
(END) Dow Jones Newswires