BT: has cut its dividend, will axe 15,000 jobs, reported pre-tax loss of STG 1.28 bln and a writedown of STG 1.58 bln

Reuters] Britain's BT Group (BT.L) cut its dividend and said a further 15,000 jobs would go after a 1.58 billion pound write down and restructuring at its Global Services unit drove it to a fourth quarter loss.

The group, which had for years looked for growth at the Global Services unit which supplies the IT needs of multinational companies, also said it would almost double its pension contributions to 525 million pounds a year.

BT, which had previously twice warned about profits at the Global Services unit, said earnings before interest, tax, depreciation and amortisation and contract and financial review charges were 1.35 million pounds.

Profit before tax on an adjusted basis was down 40 percent and on a reported basis showed a 1.28 billion pound loss.

BT cuts dividend, 15,000 jobs on 1.58 bln writedown