UK telco BT has reported a sharp drop in quarterly profits, with pre-tax profit dropped 45 per cent to £272 million (E317m) in the three months to June 30th from £497 million in the same period a year earlier.

The company cut 2,300 jobs from the global IT services division during the quarter, as it tried to reduce costs.

BT added 38,000 net subscribers to its IPTV service ‘BT Vision’ in the second quarter of this year, bringing the total customer base to 433,000 by the end of June after adjusting for inactive customers.

The company also reported it remains the largest provider of broadband connections in the UK with a 35 per cent share of the retail market for DSL and LLU connections, adding 78,000 customers in the quarter and bringing the total to 4.8mn.

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