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Deutsche Telekom has reported that earnings rose sharply in Q2, driven by the strong performance of its US subsidiary. “It’s harvest time for Deutsche Telekom on both sides of the Atlantic,” the group said in a statement.
Net profit rose by 34.2 per cent to €711 million in the period from April to June. Underlying or operating profit was up 9.5 per cent at €4.417 billion, while revenues slipped by 0.3 per cent to €15.114 billion.
Deutsche Telekom’s US unit, T-Mobile US, “continued its rapid growth of the last few quarters, passing the 50-million customer mark for the first time in mid-2014.”
The telco gained 63,000 new customers for its domestic IPTV platform Entertain during Q2. The offering now reaches a total of 2.32 million customers, marking a recovery since it lost the Bundesliga football rights to Sky Deustchland.
“Our strategy so far has been to make bold and prudent investments, focus first on lifting customer numbers, and then on upping revenues and results. And we are now starting to reap the rewards,” chief executive Tim Hoettges commented.