BT earns first profit from the Republic of Ireland
UK-based operator BT’s investment in the Republic of Ireland has started to pay off after it generated its first profit in the country in a decade.
The operator's three Irish units – BT Group Ireland, BT Net Ireland and BT Communications Ireland – earned a combined pre-tax profit of €2.13 million ($2.9 million) from the region in FY09, compared to a €21.3 million loss in FY08, according to financial accounts acquired by The Irish Times.
BT Communications Ireland almost halved its pre-tax losses from the Republic, to €24.4 million from €44.1 million.
ISP and data hosting unit BT Net had the most success in the region, earning €10.75 million from revenues of €32 million.
Managing director Chris Clark told the Times the group had been undergoing a strategic refocus since August last year, when it transferred its consumer and small business customers to Vodafone, and arranged a seven-year wholesale service agreement.
BT has been operating in Ireland since 1999, since it purchased Esat Telecom for €290 million.