Shares in British Telecom dropped
17% on the London bourse early on Tuesday, after BT announced
writedowns three times larger than expected on accounting errors
in its Italian business that originally emerged last October. BT
increased its initial write-down estimate of 145 million pounds
to 530 million pounds, reducing estimates on profit, revenue,
and cash flow. "We are deeply disappointed with the improper
practices which we have found in our Italian business," said BT
Group CEO Gavin Patterson, calling it "an extremely serious
matter".
ALL RIGHTS RESERVED © Copyright ANSA
