KPN: shares rise after good start to year
(CercleFinance.com) - Dutch telecom group KPN said its first-quarter results reflected a "good" start of the year, with positive operational performance for the group overall.
The Amsterdam-listed shares rose more than 4% after the company said adjusted EBITDA after leases increased by 2.1% to 575 million euros in the first three months of the year, thanks to savings in indirect operating expenses.
Net profit also rose, reaching 120 milion euros, mainly driven by lower finance costs as a result of lower debt, it said.
However, quarterly revenues fell by 2.4% due to the continued pressure on fixed voice and mobile services.
The former Dutch telecom monopoly said it was "premature" to say what the total impact of COVID-19 measures will be for the remainder of the year, although it maintained its target of a "stable to slightly growing" adjusted EBITDA after leases compared to 2019.
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