BT almost doubles net profit in third quarter

Telecoms giant sees gains in retail and wholesale broadband markets

BT has nearly doubled its net profit in the third quarter of 2010, despite seeing a fall in revenue.

The company posted a 30 per cent increase in pre-tax profits to £530m in the three months to 31 December.

The telecoms firm said it gained a large chunk of market share in retail broadband during the quarter, adding 188,000 new customers.

It also said 356,000 new customers were added by ISPs using BT's network, such as Sky or Talk Talk, during the third quarter of the fiscal year, up from the 253,000 new customers added in the previous quarter.

Its new broadband television service, BT Vision, also gained 40,000 new customers over the quarter; there had been just 24,000 new additions in the previous quarter.

"If you want cheap and cheerful, we've got it; if you want the best, we've got it," said chief executive Ian Livingston.

The company also said that its Global Services unit would turn cash-flow positive this year.

The unit, which serves the telecommunications needs of multinationals, has been undergoing restructuring following a period of poor performance and profitability.