KPN's quarterly profit in line with estimates, reiterates 2021 goals

AMSTERDAM, April 30 (Reuters) - Royal KPN NV, the Netherlands’ largest telecoms company, on Friday reported quarterly earnings in line with estimates, with a decline in sales and core profit, and reiterated its financial targets for a fractional profit growth this year.

The company said first-quarter adjusted earnings before interest, taxes, depreciation and amortisation after leases (EBITDAL), came in at 568 million euros ($688 million), down from 575 million euros a year earlier.

Analysts had expected 565 million euros, according to a company-compiled poll. The company’s revenue fell 2.9% to 1.29 billion euros.

KPN reiterated its forecast of adjusted EBITDA after leases of 2.345 billion euros this year, slightly better than the 2.32 billion euros it reported in 2020. Although the company’s sales are expected to continue their multi-year decline, KPN is investing heavily in fibre optic networks and cutting costs.

$1 = 0.8254 euros Reporting by Toby Sterling, Editing by Sherry Jacob-Phillips