Deutsche Telekom posts $3.8 billion loss
Deutsche Telekom this week posted a loss of $3.8 billion for the first half of the year due to the mounting costs of its acquisition spree last year.
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The loss was far greater than the $3.4 billion loss the company reported for all of fiscal year 2001 and was far worse than most analysts had expected.
Ron Sommer, the CEO responsible for the spending spree, was ousted from DT last month, replaced by Interim CEO Helmut Sihler. Sihler is continuing Sommer’s efforts to pay down DT’s massive debt and sell off assets. Most industry experts expect Sommer’s U.S. purchase, VoiceStream Wireless, to be the first company on the auction block.
DT also plans to sell its German cable unit and real estate to lop $14 billion off of its $63 billion debt. DT has also left open the possibility of finding a U.S. partner for VoiceStream.
-- Kevin Fitchard, staff writer
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© 2012 Penton Media Inc.
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