Dutch telecommunications operator Royal KPN today reported a first-half net loss of euro 1.038 billion, 50 times the euro 19 million loss in the first six months of 2000.
The company also warned results for the full year would show a net loss.
Royal KPN announced a second-quarter loss of euro 48 million before goodwill and amortisation compared to a profit of euro 68 million in the same period last year.
The group's earnings before depreciation and taxes (EBITDA) rose to euro 929 million compared to euro 901 million in the second quarter of 2000.
In a statement KPN said it "expects to record a net loss" over the full year but maintained its predictions "that revenues will increase by 10 to 15 per cent and the EBITDA by 5 per cent".
The much-awaited figure for the group debt showed it had dropped slightly to euro 22.8 billion on June 30th from euro 23.2 billion at the end of March this year.
The company announced that it would continue with a programme to sell non-core assets.
The group had set a target of raising euro 5 billion for 2001 with the sale of non-core assets. But on Monday KPN said that since that announcement "market circumstances have clearly become more adverse" and warned that the timetable for raising the money would be pushed back.
AFP