T-Online Earnings Surpass Expectations

The largest European Internet provider, T-Online, has increased its expectations for 2003 after registering record second quarter growth. For the 11th successive time the Deutsche Telekom subsidiary presented quarterly operative earnings that surpassed those of the previous three-month period. The firm had improved operating results of €122 million for the first half of the year excluding the effects of sales of shareholdings (€43 million in 2002). "The increased acceptance of the Internet, the growing number of broadband customers as well as the continuing good use of net capacities are the basis for this development," T-Online announced in Darmstadt. CEO Thomas Holtrop said the company would raise its EBITDA (earnings before interest, taxes, depreciation,and amortization) forecast from €180-210 million to €250-300 million.