BT says Q1 profit up 33 percent

Communications company BT Group PLC says that its first quarter profit rose by 33% as cost cuts helped offet a 4% drop in revenue.

Communications company BT Group PLC says that its first quarter profit rose by 33% as cost cuts helped offet a 4% drop in revenue.

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The company said on Thursday that its net profit was 284 million pounds ($444 million) in the three months ending on June 30, compared to 214 million pounds a year earlier.

BT said it had trimmed operating costs by 6%. Labor expenses were reduced by 8% with leaver costs running at 10 million pounds.