Telecoms company KPN booked net profit of €449m in the first three months of this year, up 42% on a year ago, the company said on Tuesday.

First quarter sales were down 3.5% at €3.28bn. This was largely due to a 13% drop in sales at IT service provider Getronics.
The first-quarter results were in line with analyst expectations and KPN kept its target for 2010 sales of around €13.5bn.
‘In the first quarter we continued to feel topline pressure as a result of the economic conditions in the business markets and regulation,’ CEO Ad Scheepbouwer said in a statement.