Deutsche Telekom has reported a big fall in its profits as a result of restructuring costs and poor results from its Greek businesses.

Net profit for the three months to the end of June were 348m euros ($498m; £304m), which was 26.7% down on the same period last year.

Restructuring costs came from putting T-Mobile UK into a joint venture with France Telecom‘s Orange.

Profits fell “significantly” in Greece due to the economic situation.

“Although these figures are not a cause for celebration, they still give us reason to be confident that we will achieve our targets in a persistently difficult environment,” said Deutsche Telekom chief executive Rene Obermann.

Despite falling profits in the first half of the year, the company has maintained its forecasts for the full year.