British telecoms group BT logs higher profits

British telecoms group BT said Wednesday that profits rose in the company's first quarter, as deep cost-cutting helped offset the impact of tough conditions in Europe. Pre-tax profit grew 8.0 percent to £578 million ($897 million, 741 million euros) in the three months to June, compared with £533 million in the year-earlier period, BT said in a results statement. Total sales fell 6.0 percent to £4.48 billion. "We have delivered another quarter of profit growth," Chief Executive Ian Livingston said in the earnings release. However, he added that BT's Global Services arm -- which provides telecoms and IT products to international companies and governments -- was "impacted by the tough conditions in Europe and the financial services sector."