Telecom concern KPN booked net profit of €1.1bn in the fourth quarter of last year due mainly to a one-off tax windfall of €705, the company announced on Tuesday.

KPN said it had met most of its 2009 targets except for turnover which was down almost 7% to €3.37bn, slightly lower than analysts had expected, according to media reports.
‘KPN’s operations in the consumer markets in the Netherlands and abroad have not seen a significant impact from the economic downturn, but the impact has clearly been visible in the business markets,’ the company said in a statement on Tuesday.
The company said it is maintaining its forecast for 2010 and expects further growth in 2011 with a dividend per share of ‘at least €0.85’.
KPN also announced a €1bn share repurchase programme for this year.