THE HAGUE (dpa-AFX) - Dutch telecommunication firm Royal KPN NV (KPN, KKPNY.PK, KKPNF.PK) reported that its first-quarter net profit from continuing operations rose to 15 million euros from 3 million euros in the prior year.
Operating profit or EBIT from continuing operations dropped to 165 million euros from 179 million euros last year.
Revenues for the quarter were 1.919 billion euros, compared to 1.996 billion euros in the prior year. Adjusted revenues were down 3.5% from last year.
Following the announced sale of BASE Company on 20 April 2015, BASE Company will be reported as a discontinued operation as per the second-quarter 2015. Therefore, KPN has adjusted the outlook for 2015 to exclude BASE Company. The Capex outlook has been adjusted from less than 1.4 billion euros to less than 1.3 billion euros. All other outlook items remain the same. The normalized 2014 free cash flow1, which is the base level for the free cash flow outlook, remains approximately 400 million euros. The company expects Adjusted EBITDA stabilized by end-2015.
Copyright RTT News/dpa-AFX