US Merger Helps Deutsche Telekom To Record Revenues In 2020
Fahad Shabbir (@FahadShabbir) Published February 26, 2021 | 05:00 PM
Berlin, (UrduPoint / Pakistan Point News - 26th Feb, 2021 ) :German telecoms operator Deutsche Telekom said Friday it had defied the coronavirus pandemic to post record revenues last year thanks to its acquisition of US rival Sprint.
The Bonn-based company said revenue jumped 25.4 percent to 101 billion Euros ($122 billion) in 2020, surpassing the 100-billion-euro mark for the first time in the company's history.
"We made history in 2020," said CEO Tim Hoettges in a statement, adding that Deutsche Telekom had "closed a groundbreaking deal in the United States" and "improved our market position in Europe".
The $26-billion merger between Deutsche Telekom's US unit T-Mobile and Sprint was completed in April.
Adjusted operating profit (EBITDA) soared 41.6 percent to 35 billion euros in 2020, with the group expecting a further rise to 37 billion euros this year.
Meanwhile, adjusted net profit increased 15.5 percent to 5.7 billion euros.
Boosted by the acquisition of Sprint, Telekom's US arm T-Mobile was the driving force behind the strong performance, with a 93 percent increase in adjusted operating profit to $24 billion.
Yet the group was hit by the coronavirus pandemic in Europe, where it said "business was impeded by shop closures and travel restrictions".
Related Topics
Recent Stories
UHS declares MBBS first prof, MS urology exam results
Separate coaches to be hired for ODIs, Test and T20I formats
Finance Minister calls for reforming tax system to improve country's economy
PM calls for joint efforts to check smuggling, power theft
Infinix Unveils a Vibrant New Chapter with Wahaj Ali: The face of Infinix NOTE 4 ..
PM makes two more appointments in his team
Terrorists of Shangla suicide attack will be brought to justice: Interior Minist ..
Applications Open for 6th Cycle of Start-up Incubation under the National Expans ..
Join vivo's "Light it Up" Social Media Contest in Ramadan to Win vivo V30 5G
Pakistan v New Zealand T20I series: Tickets to go on sale from today
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 29 March 2024
Today Gold Rate in Pakistan 29 March 2024
More Stories From Miscellaneous
-
Shaheed Jalil Andrabi remembered on his martyrdom anniversary
2 days ago -
Architectural grandeur of Mohabat Khan Mosque attracts visitors, archeology lovers
2 days ago -
Besant Hall cultural centre to hold programme in memory Pir Hassam din Rashdi
4 days ago -
USA beats Mexico 2-0 for CONCACAF Nations League title
4 days ago -
World urged to intervene for peace in Kashmir
5 days ago -
Undeterred resolve – only way to end economic woes
5 days ago
-
Organic Food: A booming trend in Khyber Pakhtunkhwa
5 days ago -
From Soil to Harvest: Use of modern technology vital for agricultural renaissance
5 days ago -
Spring season offers glimpse into GB's natural beauty, cultural heritage
5 days ago -
Nation to mark decades’ long journey of resilience through annals of history
7 days ago -
23rd March: A historic day reminds Muslims’ heroic struggle for Pakistan
7 days ago -
Measures urged to recharge depleting water table: Experts
7 days ago