BT BT Group PLC

   By Adria Calatayud 
 

BT Group PLC (BT.A.LN) said Friday that both adjusted Ebitda and revenue fell in the first quarter but exceeded analysts' expectations, and reiterated its outlook for fiscal 2020.

The FTSE 100-listed telecommunications company made a pretax profit of 642 million pounds ($778.4 million) for the three months to June 30.

In the first quarter of fiscal 2019, BT reported a pretax profit of GBP704 million, but that was prior to the adoption of new accounting standards IFRS 16.

Adjusted earnings before interest, taxes, depreciation and amortization--the company's preferred profit measure, which strips out specific items--fell to GBP1.96 billion in the quarter from GBP1.98 billion a year earlier. Analysts expected BT's adjusted Ebitda to come in at GBP1.89 billion, according to a consensus provided by the company.

Quarterly adjusted revenue fell to GBP5.63 billion from GBP5.72 billion in the same period a year earlier, weighed down by lower sales at its consumer, enterprise and global services divisions, BT said. Analysts expected revenue of GBP5.59 billion, according to a company-provided consensus.

BT said it is on track to meet its guidance for the full year. The company said it is engaging the U.K. government and regulator Ofcom regarding investment in expanding its fiber-broadband network, and said it is ready to accelerate the pace of its rollout across the U.K.

Write to Adria Calatayud at adria.calatayudvaello@dowjones.com

(END) Dow Jones Newswires

August 02, 2019 02:34 ET (06:34 GMT)

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