BT POSTED a "satisfactory" performance in the three months to the end of June, as the troubled group announced a £10bn fall in debt.
The telecoms concern has embarked on a major fundraising exercise since its debt mountain peaked at £28bn in March.
BT said the figure was down to £17.5bn as it updated investors on its performance, with a flat set of first-quarter earnings figures.
Earnings before one-off items remained unchanged on the same period a year earlier, at £1.52bn, although group operating profit fell 23 per cent to £640m because of higher depreciation charges.
Sir Christopher Bland, who took over as BT chairman this year, said: "The first quarter's operating performance was satisfactory."
He added that the major achievement of the group had been to reduce debt levels through a £5.9bn rights issue and disposals.
He said: "The first quarter has been one of considerable progress in lowering group debt.
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