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BT Profits Rise 20 Percent In The Last Fiscal Year

Job cuts and rising demand for super-fast broadband connections have helped UK-based telecom giant BT to boost its profits by around 20 percent.

The company has signed around 162,000 new customers for its broadband services in the first quarter of the year. By cutting more than 30,000 jobs in the past few years and a heavy amount of restructuring, the company reported a profit of £2.1 billion in the fiscal year.

Highlighting the success of its super-fast broadband service, the company revealed that 150,000 customers were using broadband services that offer speeds between 20 Mbps to 30 Mbps, with 5,000 new subscribers being added every single week.

Despite the rise in profit and subscriptions, the company’s revenue dropped by 4 percent to £20 billion in the financial year ending in April.

"(BT) delivered profits and free cash flow ahead of expectations for the year, while making significant investment in the business for the future," said BT CEO Ian Livingston, eWeek reports.

“Our rollout of super-fast broadband is one of the most rapid in the world, passing an average of 80,000 additional premises each week and we have plans to roughly double the speed of our fibre-to-the-cabinet based service in 2012.”