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Telecoms make gains through cost cuts

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Telecoms make gains through cost cuts

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Major European telecoms companies have demonstrated their resilience against the recession by reporting better-than-predicted first-half results helped by cost-cutting.

France Telecom’s net profit for the first half was almost 2.6 billion euros although it is expecting a slowdown in activity in the rest of the year. BT also beat analysts estimates with quarterly net profit of 250 million euros. The British firm also said it has made a good start to its cost reduction programme Spain’s Telefonica, Europe’s biggest telecoms company, saw first half net profit rise 0.7 percent to 3.6 billion euros. Booming revenue from its Latin American units helped offset sagging revenues in Europe.