KPN Q1 Net Profit Up 18%

Dutch telecom firm Royal KPN NV (KKPNY.PK,KPN) reported that its first-quarter net profit rose 18% to 141 million euros from last year, reflecting higher operating profit supported by lower finance costs and higher other financial result.

Operating profit (EBIT) was 235 million euros up 19 million euros from the prior year, as lower adjusted EBITDA AL was more than offset by lower depreciation and amortization charges, and lower P&L restructuring costs.

But, adjusted revenues declined 2.9% year-over-year to 1.29 billion euros, impacted by an 8 million euros one-off correction in the latest-quarter to Consumer Fixed service revenues related to the timing of revenue recognition in 2020 and by the sale of KPN Consulting.

KPN maintained its 2021 outlook for adjusted EBITDA AL of about 2.345 billion euros, Capex of 1.200 billion euros, and free cash flow of about 765 million euros.

KPN intends to pay a regular dividend per share of 13.6 euros cents over 2021.

For fiscal 2023, the company still expects adjusted EBITDA after leases to be more than 2.45 billion euros, and free cash flow of more than 870 million euros.

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