KPN: shares up on results, 'progress' in strategy

(CercleFinance.com) - On Friday Dutch telecom group KPN said that it has made "good progress" in executing its strategy in the third quarter, noting that its financial results were "solid.
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"Our quarterly performance continues to reflect a mix of an ongoing competitive environment and the impact of our strategic actions," commented CEO Joost Farwerck.

Adjusted revenues fell 1.8% to 1.37 billion euros in the past quarter.

Growth in security and professional services was more than offset by the decline of its legacy services, with particular pressure in mobile, KPN said.

However, the group's net profit more than tripled to 314 million euros, thanks to gains made on the sale of data center subsidiary NLDC. Excluding incidentals, net profit would have still increased by 32% year-on-year, KPN said.

The shares reacted well to those signals, adding 2.3% on Euronext Amsterdam.

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