Deutsche Telekom may have swung into a net loss for the fourth-quarter after writing down the value of its stake in BT, yet the chief executive remains confident in its future with the U.K. telecoms group.
"Looking forward we are very convinced that BT is a great asset to be in (and) to be the biggest shareholder in this one," Timotheus Höttges, CEO of Deutsche Telekom, told CNBC Thursday.
"It's a market leader in mobile, in fixed line, in the B2B area and very strong in the content side."
"We believe in the business and we will do everything to improve and to help that this company is regaining the momentum back on stocks."
On Thursday, the German telecommunications firm announced that it had suffered an impairment loss of 2.2 billion euros ($2.3 billion) on its investment in BT, causing Deutsche Telekom to announce a fourth-quarter net loss of 2.12 billion euros in 2016, in comparison to a profit of 946 million seen a year prior.
At present, Deutsche Telekom holds a 12 percent stake in BT, yet according to Reuters, the Chief Financial Officer Thomas Dannenfeldt said on Thursday there could be further write-downs of BT's stake value in 2017's first quarter.
In its earnings report, released Thursday, the telecoms firm attributed the fourth quarter impairment loss to the Brexit vote, the recent decline in BT's share price and the sharp fall in the U.K. currency.