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November 3, 1991


By CBR Staff Writer

British Telecommunications Plc’s second quarter figures were below city expectations, chairman Iain Vallance admitted on Friday. As a result of the recession, coupled of course with the increased competition created by the deregulation of the telecommunications industry and the necessitated price-cuts, pre-tax profits for the quarter dropped 1% to UKP530m on turnover that nudged up a disappointing 0.7% to UKP3,290m. For the first six months, the figures look a bit better, with pre-tax profits up 5% at UKP1,610m on turnover up 2% at UKP6,632m. The company says it invested UKP1,200m in the first half, equivalent to UKP9m per working day. Inland call revenues were up 2.5% to UKP2,590m, but international call volumes were about 2% above the previous year on a 12-month moving average, and international call volumes were 3% above last year. BT said international call revenues reflected the initial effects of the average 10% reduction in prices of outgoing international calls and continuing reductions in prices for incoming calls from some countries. The new directory enquiries charges introduced in April generated revenues considerably less than those foregone by the corresponding drop in the cost of telephone calls. Telephone exchange line rental revenues grew 15% during the first six months to UKP1,025m. The number of business exchange lines grew 3% and residential lines by 1.4% over the 12 months to September 30, which represents an overall increase in installed exchange lines of 2%.

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