'Deutsche Telekom meets 2008 targets, upbeat for 2009'

Europe's biggest telecoms operator, Deutsche Telekom, said it had achieved its 2008 targets and voiced confidence about this year's results as well.

Europe's biggest telecoms operator, Deutsche Telekom, said on Friday it had achieved its 2008 targets and voiced confidence about this year's results as well.

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Deutsche Telekom posted a 2008 net profit of 1.48 billion euros (1.88 billion dollars), nearly three times the 2007 level of 571 million euros.

In the fourth quarter of last year, however, the telecoms operator suffered a loss of 730 million euros in connection with the purchase of the Greek group OTE, a statement said.

That was nonetheless less than the comparable loss in the last three months of 2007, of 750 million euros.

Adjusted core earnings edged higher last year to 19.46 billion euros although sales slipped slightly to 61.67 billion euros.

The company plans to pay a dividend of 0.78 euros per share, unchanged from the previous year.

"Our 2008 financial year is characterized by a stable performance and sound financial figures," the statement quoted chairman Rene Obermann as saying.

He thanked finance director Karl-Gerhard Eick, who will step down in a few days.

"It is very much down to Karl-Gerhard Eick's work over the past nine years that the company has done so well through some difficult times," Obermann said.

Deutsche Telekom said core earnings this year should be on the same order as in 2008, excluding the cost of consolidating OTE into its operations.