KPN moves into profit
Dutch telecom provider KPN has reported first quarter profit after a loss in the same period a year ago.
It reported a net profit of €770m compared to a loss of €48m.
Its revenues were up 11% on the quarter to €3.67bn. It has been able to make a profit through rigorous cost cutting.
The company said that it expects its net debt to fall to around €10bn by the end of 2003, which will be down from €12.35bn at the end of 2002.
During the first quarter it sold off its directory services business which realised €500m.
