KPN books loss, issues shares

Telecoms group KPN announced on Tuesday it is to issue €4bn worth of new shares in a bid to strengthen its financial position.

The new share issue comes after the group announced a loss of €160m in the fourth quarter of 2012, compared with profit of €176m in the year-earlier period. 

Turnover in the fourth quarter also dropped, by 3% to €3.3bn.

Analysts had expected KPN to increase its profit but large investments such as the €1.35bn paid for 4G frequencies together with the fall in the number of text messages and mobile calls depressed the figures.

In 2012 as a whole, KPN made profits of €693m, half that of 2011. Turnover fell to €12.7bn, a drop of 4%.

More to follow

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