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KPN Q2 Profit Surges; Backs FY21 View; Declares Dividend; To Buy Back EUR 200 Mln Shares

Dutch telecom firm Royal KPN NV (KKPNY.PK,KPN) reported Tuesday second-quarter that its net profit surged to 800 million euros from last year's 135 million euros.

The results mainly reflected net effects of 649 million euros related to the 'Glaspoort' transaction.

Excluding items, adjusted net profit would have increased 20 percent from last year.

Operating profit or EBIT was 1.09 billion euros, up from 233 million euros a year ago. Adjusted EBITDA AL edged up 0.6 percent to 589 million euros. Adjusted EBITDA AL margin improved to 45.5 percent from 45.3 percent a year ago.

Adjusted revenues for the quarter edged up 0.2 percent to 1.30 billion euros from last year's 1.29 billion euros.

Service revenues fell 0.8 percent from last year to 1.20 billion euros, as growth in Wholesale and Consumer Fixed-Mobile service revenues was offset by lower service revenues from Business and Consumer Legacy.

Further, KPN reiterated its fiscal 2021 outlook for adjusted EBITDA AL of around 2.345 billion euros, Capex of 1.20 billion euros, and Free Cash Flow of approximately 765 million euros.

KPN said it intends to pay a regular dividend per share of 13.6 euro cents over 2021. An interim dividend of 4.5 euro cents per share will be paid on August 4.

KPN also said it intends to buy back shares worth 200 million euros in 2021.

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