Dutch telecoms operator KPN said on January 26 that its 2010 net earnings dropped due to exceptional items but operating profit climbed a healthy 14 percent, and announced a one-billion-euro share buyback programme. The company's 2010 net profit came in at 1.8 billion euros, a drop of 17 percent from 2009 results that included an exceptional 705 million euros in deferred tax assets.
The result was slightly above expectations of analysts polled by Dow Jones Newswires. Operating profit for 2010 rose by 14 percent to 3.3 billion euros.
"We are pleased with the 2010 results achieved despite economic headwinds and severe regulation," KPN CEO Ad Scheepbouwer said in a statement. For 2011 the company confirmed its forecast of a growth in earnings and a target dividend of 0.85 euros, a 0.05 euros increase from the dividend which it plans to propose for 2010.
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