Germany's Biggest Internet Provider Beats Expectations

Germany's largest Internet provider, T-Online, posted better-than-expected results on Wednesday, taking analysts by surprise. The Deutsche Telekom subsidiary, Europe's third-largest Internet-access provider, announced third-quarter earnings before interest and taxes of €35.6 million ($35.8 million), up from around €29 million in the previous quarter.

Turnover for the months of July through September rose to €383 million, €113 million more than at the same time last year. The company said the positive figures were the result of an increase in the number of Internet users.

Looking ahead, Thomas Holtrop, the chaiman of the board, was confident of further improvement. "We're confident of reaching a pre-tax and pre-interest earnings target of €100 million for 2002," he told reporters in Frankfurt on Wednesday.