Deutsche Telekom takes a tumble

NEWS Deutsche Telekom shares took a tumble this morning after the telco attributed its first loss as a publicly listed company to the acquisition of US mobile operator Voicestream. The company made a net loss of E3.5bn (£1.23bn) in the 2001 fiscal year, according to preliminary results. This missed analysts expectations of a E2.7bn (£1.6bn). In the fiscal year 2000 the company posted a profit of E5.9bn (£3.6bn). However revenue for the full year - before earnings, interest, depreciation and amortization was up 17 per cent to E15.1bn (£9.23bn). Full year sales rose 18 per cent to E48.3bn (£29.5bn). Full year costs rose to E2.4bn (£1.5bn), but debt fell five per cent in the last quarter to stand at E62bn (£37.8bn) by the fiscal year end. The costs included a 300m (£183m) write down on the two per cent stake Deutsche Telekom took in France Telecom. A further E1bn (£600m) was written of on brand names acquired two years ago. Shares were down 1.17 per cent to E16.84 (£10.29) by 10.05(GMT).