Belfast Telegraph

Brexit write-down hits Deutsche Telekom's annual profit

Deutsche Telekom said a hefty write-down due to the impact of Britain's vote to leave the European Union has weighed on its 2016 profits.

The German telecoms giant said net profit declined 17.8% to 2.7 billion euro (£2.3 billion) last year, compared with 3.3 billion euro (£2.8 billion) in 2015.

Deutsche Telekom said the drop was largely due to "an impairment loss recognised in the fourth quarter on the financial stake of 12% of the shares in the BT Group", whose value fell, along with the pound, following the Brexit referendum.

The company said the losses amounted to 2.2 billion euro (£1.88 billion).

T-Mobile US, in which Deutsche Telekom has a majority stake, saw a 16.3% increase in revenue to 37.3 billion dollars (£30 billion) last year.