BT Group Q1 Pre-tax Profit Down

(RTTNews) - Telecom company BT Group plc (BT_A.L, BT) Thursday reported that its profit before tax for the first quarter slid by 4 percent to 536 million pounds, in the absence of an year-ago gain from disposal of its domestic spanish operations.

However, the Group's adjusted EBITDA grew 3 percent to 1.87 billion pounds, due to lower cost of sales, cost savings from its ongoing transformation programme, lower indirect commissions and a one-off disposal of fixed assets.

BT Group's reported revenue for the first quarter slid by 3 percent to 5.07 billion pounds, reflecting challenging market conditions resulting from Covid-19, the impact of prior year divestments, negative foreign exchange movements, and ongoing legacy product declines.

Looking ahead, the Group said it is confirming its outlook and that it remains confident about its path to growth.