KPN: first-quarter profit drops, but beats expectations
(CercleFinance.com) - Dutch telecoms group KPN's first-quarter profit fell 5%, which beat expectations, even though revenues fell short of estimates, the company said on Tuesday.
The former Dutch telecom monopoly said that its EBITDA fell to 570 million euros, down from 598 million euros a year ago, although above the average estimate of 575 million euros in the company's poll of analysts.
The group cited a "solid performance" in a "competitive" consumer market, and highlighted a "solid" start to new cost savings program, with 27 million euros of net indirect opex savings.
Adjusted revenues fell by 2.9% to 1.36 billion euros, due to a decline in legacy services and continued pressure in mobile, compared to a consensus of 1.38 billion euros.
The KPN shares were up 1.7% at 2.7 euros in late morning trading on Euronext Amsterdam.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The former Dutch telecom monopoly said that its EBITDA fell to 570 million euros, down from 598 million euros a year ago, although above the average estimate of 575 million euros in the company's poll of analysts.
The group cited a "solid performance" in a "competitive" consumer market, and highlighted a "solid" start to new cost savings program, with 27 million euros of net indirect opex savings.
Adjusted revenues fell by 2.9% to 1.36 billion euros, due to a decline in legacy services and continued pressure in mobile, compared to a consensus of 1.38 billion euros.
The KPN shares were up 1.7% at 2.7 euros in late morning trading on Euronext Amsterdam.
Copyright (c) 2019 CercleFinance.com. All rights reserved.