24 Jul 2019
Netherlands-based telco KPN has reported adjusted revenues of EUR1.36 billion (USD1.5 billion) for the second quarter of 2019, down 3.1% year-on-year. The fall was attributed to ‘a decline in legacy services, continued pressure in mobile, and lower hardware revenues’. Adjusted EBITDA was up 3.6%, however, at EUR594 million, though net profit dropped 9.8% to EUR128 million, impacted by EUR12 million higher restructuring costs and EUR31 million lower finance income from the sale of a stake in Telefonica Deutschland.
Outgoing CEO Maximo Ibarra commented: ‘We made good progress with the execution of our strategy. We have started the brand integration in the second quarter and have seen strong interest in converged propositions from our Telfort customers, leading to strengthened household relationships. In Business, we continued with the execution of customer migrations to our future-proof KPN EEN portfolio and “value over volume” strategy.’