Hague: Dutch telecommunications operator KPN said on Tuesday that its 2008 net profit slumped by 50% to €1.34 billion ($1.77 billion).
It said the global economic downturn had been felt only in the fourth quarter and so had had only a “limited impact” on its full-year performance.
For the three months to December, net profit plunged by 81% to €297 million but the company said the drop was distorted by a €1.2-billion-euro tax repayment which boosted earnings in the year-earlier period.
Analysts had expected fourth quarter earnings of about €377 million.
KPN said it was satisfied with the 2008 results and reaffirmed its targets.
For 2008, sales rose by 16% to €14.6 billion but in the fourth quarter were up only 1.6% from the figure a year earlier to €3.72 billion.