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Total
operating profit from continuing activities before goodwill
amortisation and exceptional items for the 2003 financial
year of £2,971 million was 12% higher than in
the 2002 financial year which in turn was 9% lower than
the previous financial year. The increase in the underlying
total operating profit was due to the factors explained
above.
Total
operating profit for the 2003 financial year was £2,901
million, including BT’s share of the operating
results of its ventures. This compared to a loss for
the 2002 financial year of £1,860 million and
the 2001 financial year of £370 million. This
improved performance reflects the group’s exit
from certain loss making activities and the lower level
of goodwill amortisation and exceptional items.
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