BT Group Posts Higher Q3 Profit

reported a gain in its third-quarter net profit. BT Group's quarterly net profit surged to GBP558 million ($841 million), versus a year-ago profit of GBP493 million. Analysts were expecting a profit of GBP514 million. Its revenue declined 3% to GBP4.47 billion, versus estimates of GBP4.49 billion. Revenue at company's consumer division gained 7%. Free cash flow increased 64% to GBP904 million. For the fiscal year, BT Group still projects earnings before interest, tax, depreciation and amortization, excluding exceptional items, of GBP6.2 billion to GBP6.3 billion. Gavin Patterson, Chief Executive said, “This quarter we have delivered good growth in profit before tax and strong free cash flow…Openreach achieved the highest growth in the number of landlines on record. It was also our best ever quarter for fibre broadband net additions. All the major communications providers are responding to the strong market demand for fibre broadband, helping to drive take-up in what is already a very competitive market.” BT Group shares rose 1.06% to close at $64.76 yesterday.