Deutsche Telekom profit plunges by 26.7 percent

FRANKFURT: The German telecommunications operator Deutsche Telekom said Thursday that its second quarter net profit fell by 26.7 percent to 348 million euros ($497 million).

That was far below an average analyst forecast of 563 million euros compiled by Dow Jones Newswires.

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Sales were down by 3.3 percent at 10.97 billion euros, a statement said.

But Deutsche Telekom, which is burdened by its Greek unit OTE, nonetheless confirmed full-year targets including core operating earnings before taxes and special items of 14.9 billion euros.

Copyright AFP (Agence France-Presse), 2011