KPN to buy back €1bn in shares

Telecoms company KPN is planning a second stock buy-back after publishing a rise in fourth quarter earnings.

KPN said it plans to buy back shares totalling €1bn this year and says pre-tax earnings will rise again in 2011.
KPN booked a 4% increase in operating profit in the final three months of 2010, while turnover rose 0.5% to €3.4bn.
CEO Ad Scheepbouwer said in a statement the company is pleased with the results which were ‘achieved despite economic headwinds and severe regulation’.

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