Deutsche Telekom profits boosted by cost-cutting

Deutsche Telekom
Image caption Deutsche Telekom is Europe's largest telecoms company

Deutsche Telekom, Europe's largest telecommunications company, has reported a rise in profits helped by cost-cutting measures in Germany.

The company's net profits rose 14% to 1.1bn euros ($1.5bn; £940m) for the three months to the end of September.

Deutsche said that Greek telecoms firm OTE, in which it owns a 40% stake, saw net profit fall 17%.

This was offset by a strong growth in revenue from mobile internet surfing by smartphone users in Germany and the US.

Smartphones accounted for 61% of all phones sold in Germany this year and smartphone sales grew by 40% in the US.

"We have once again demonstrated that we can stand our ground in a difficult environment," said Rene Obermann, Deutsche Telekom's chief executive.

Analysts were encouraged by the results.

"A solid set of figures. Greece saw no write-downs which might surprise, as well," said analyst Adrian Pehl at Equinet Bank.

More on this story

Related Internet links

The BBC is not responsible for the content of external Internet sites