BT Group Q3 Profit, Adj. EBITDA Down With Weak Revenues

(RTTNews) - Telecom major BT Group plc (BT, BT_A.L) reported Thursday lower pre-tax profit and adjusted EBITDA, a key earnings metric, in its third quarter with weak revenues.

In the quarter, reported profit before tax was 183 million pounds, down 244 million pounds from last year, driven by a 214 million pounds share of losses from the Sports JV.

Adjusted EBITDA was 2.078 billion pounds in the quarter, down 1 percent from last year's 2.103 billion pounds. Adjusted EBITDA was broadly flat excluding the impact of prior year one-off other operating income, with lower revenue offset by continued strong cost transformation.

Total adjusted revenue fell 4 percent to 4.976 billion pounds from 5.183 billion pounds a year earlier. The company attributaed the decline to service revenue declines, lower equipment revenue, primarily handset trading, in Consumer and Business and the impact of divestments.

Adjusted UK service revenue was 3.8 billion pounds, down 2 percent.

Adjusted revenues declined 1 percent in Consumer, 6 percent in Business and 14 percent in International. Openreach revenues slightly increased from the prior year.

Looking ahead, the company said it remains on track for financial outlook and guidance metrics, including cash flow inflection to around 2.0 billion pounds next year, and to around 3.0 billion pounds by the end of the decade.

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