Deutsche Telekom posts Even
07/31/2001 1:52:00 PM MDT Albuquerque, Nm
By Dustin D. Brand; Owner AMO
DT posted break-even results for it's second quarter.
FRANKFURT, Germany - Deutsche Telekom on Tuesday met market expectations by breaking even in the second quarter and confirmed it would not list its prized T-Mobile cellphone unit this year.
Shares in Deutsche Telekom, however fell 2 percent on the news.
Millions of Deutsche Telekom shares could hit the market in a month or so because of its acquisition in May of U.S. mobile operator VoiceStream.
"In the second quarter of 2001, Deutsche Telekom generated neutral net income," the group said in a statement.
"Financial and operating results are in line and contain no surprises," said Stuart Birdt, analyst at Deutsche Bank in London.
"The problem with Deutsche Telekom is the fact that we are a month away from the next lock-up expiring and that there are potentially 200 million shares that are available to come on to the market," said a trader at a major German bank.