Monopoly state phone companies are not expected to turn in big losses, but the peculiar structure and requirements placed on the Deutsche Bundespost Telekom, including payment of a big dividend to the government, meant that last year it made write-downs, group net loss equivalent to $1,500m after a downward revision of some fixed asset values. Telekom said that its 1993 operating profit had climbed to clearly over the $4,200m it recorded for 1992. But it had to make those mandatory transfers of $3,000m to the government, paid $600m in taxes and suffered a $2,095m downward revision in asset values, leading to the loss of $1,500m. In previous years, Telekom’s net profit after transfers has been nil. Telekom is usually to finance the state job-preservation schemes at the loss-making and overmanned postal system and loss-making post office savings bank, but as it has made a loss itself this time, it is unable to do so. The write-down of the value of assets is the second and final tranche of a $6,600m write-down of old equipment that was agreed with accountants several years ago.
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