Deutsche Telekom disappoints

Deutsche Telekom has disappointed investors with lower third-quarter operating profits blaming the price war in the German telecommunications sector for much of its woes. The company, which attracted huge interest from Irish investors through a European share offering last year, reported a 15 per cent fall in operating profits to €3.2 billion in the third quarter of 1999. Sales fell by 1.6 per cent to €25.6 billion. Looking ahead to the end of the year, Deutsche Telekom predicted the end of year out-turn will show a sharp decline in net profits.