By Anthony O. Goriainoff
Royal KPN NV said on Wednesday that net profit fell for the third quarter, and that it hasn't used and doesn't plan to use any form of state aid this year.
For the quarter to Sept. 30, the Dutch telecommunications operator said it made a net profit of 132 million euros ($155.7 million) compared with EUR314 million for the third quarter of 2019, and forecasts of EUR120.0 million taken from FactSet and based on the estimates of two analysts.
Adjusted earnings before interest, taxes, depreciation and amortization after lease costs--the company's preferred metric, which strips out exceptional and other one-off items--were EUR598 million compared with EUR599 million the year before. The company said it expects adjusted Ebitda after leases for 2020 to be around EUR2.32 billion.
Revenue for the quarter was EUR1.3 billion compared with EUR1.37 billion in the year-prior period, and consensus of EUR1.31 billion, taken from FactSet and based on three analysts' forecasts. The company said this was due to lower mobile revenues.
KPN said the board intends to pay a dividend of 13.0 euro cents in respect of 2020.
The company said it has had a limited impact from the coronavirus pandemic and that revenue pressure was mostly offset by cost control.
"We have both a strong balance sheet and liquidity position, and with a solid set of results in the third quarter, we continue to execute on our strategy as planned," Chief Executive Joost Farwerck said.