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Markets News

KPN Q3 sales drop, expects flat full-year core earnings

AMSTERDAM, Oct 28 (Reuters) - KPN NV, the largest Dutch telecommunications company, on Wednesday reported lower third-quarter sales and nearly flat core earnings due to the COVID-19 pandemic and forecast only fractional annual earnings growth.

Adjusted earnings before interest, taxes, depreciation and amortization, and after leasing costs (EBITDAL), for the three months ended Sept. 30, were 599 million euros ($708 million), compared with 598 million euros a year earlier. Revenues were down 5.4% to 1.30 billion euros.

That was in line with analyst forecasts in a company published poll that forecast EBITDAL of 581 million euros on revenue of 1.30 billion euros.

KPN said its full year EBITDAL would be around 2.320 billion, from 2.29 billion in 2019.

$1 = 0.8461 euros Reporting by Toby Sterling; Editing by Rashmi Aich

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