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Monday, March 10, 2003

Another Monster Turns in a Monster Loss

This time it is the turn of Deutsche Telekom to go breaking all the numbers records. This is one European Champions league no-one is especially keen on winning.

Deutsche Telekom, Germany's leading telecommunications operator, on Monday reported Europe's biggest ever annual corporate loss but reported that business had improved in the fourth quarter. For 2002 the company posted a net loss of €24.6bn ($27.1bn), in-line with analysts expectations, largely due to write-downs on assets bought during the telecom and dot.com booms and charges totalling €19.3bn. It is the third time in just a week that the European loss-making title has changed hands, after France Telecom and Vivendi both unveiled 2002 losses of more than €20bn.
Source: Financial Times

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