1 Nov 2004
Dutch telecoms incumbent KPN has reported a doubling of net profit on the back of a stringent cost cutting programme. Net income for the three months ended 30 September 2004 climbed from EUR139 million (in the third quarter of 2003) to EUR288 million on the back of falling sales of EUR2.95 billion (compared to EUR3.01 billion). Net sales from the mobile division grew by 6.4% driven by particularly strong growth in Germany (E-Plus) and Belgium (BASE), which more than offset a decline in the Netherlands (KPN Mobile Netherlands). Net sales at the fixed division, however, decreased by EUR149 million or 7.8% as a result of tariff reductions and fixed for wireless substitution.