Belgacom profits falls, but results beat forecasts

0 Comments | AFP, May, 2006

BRUSSELS (AFP) — Belgian telecommunications group Belgacom said that net profit fell by more than half in the first quarter, but its results for the period still beat analysts' expectations.

The former state monopoly reported a net profit of 215 million euros (275 million dollars) for the first three months of the year, down from 494 million euros in the same period last year.

At the same time, earnings per share fell to 0.63 euros from 1.41 euros.

Meanwhile, sales fell 4.5 percent over the period to 1.507 billion euros while earnings before interest, taxes, depreciation, amortisation and one-off items slumped 33 percent to 545 million euros.

The figure beat analysts' forecasts for a result of 530-533 million euros.

The company said it had...