KPN Quarterly Profits Fall by More Than Half
Published on: 23rd Apr 2013
Note -- this news article is more than a year old.
By: Ian Mansfield
Netherlands based KPN has announced that its first quarter profits more than halved as revenues also fell by nearly 9 percent.
Revenues came in down 8.8% at EUR2.9 billion, which was largely due to the sale of its Getronics division, while net profit was down by 54% to EUR140 million.
The company lifted its capex during the quarter by 16% to EUR535 million.
KPN's CEO, Eelco Blok said "KPN's performance in the first quarter was on track with the updated strategic agenda we presented in February."
He added that "we have made meaningful progress with our restructuring program, and quality improvements are driving customer satisfaction upwards in the consumer markets."
The company cut its workforce by 1,100 full time staff during the quarter.
Net debt at the end of Q1 2013 amounted to EUR 12.5bn, an increase of EUR 444m compared to Q4 2012.