KPN Revenues Decline and Announces More Job Losses
Published on: 4th Feb 2014
By: Ian Mansfield
Netherlands based KPN has posted a 14 percent decline in its fourth quarter revenues although it was able to shrink the losses while also announcing more job cuts to come.
The company posted revenues of EUR2.06 billion. This was mainly due to declining revenues at Business, Consumer Mobile and NetCo, partly offset by increasing revenues at Consumer Residential.
The loss shrank to EUR108 million from EUR263 million a year ago.
The company also announced a further 1,500 to 2,000 job losses by 2016, on top of the 4,650 that have left the company since 2011.
Net debt including discontinued operations at the end of Q4 2013 stood at EUR 9.8 billion. Adding in the still to be completed sale of E-Plus, debt would have fallen to EUR 5.8 billion.