KPN core earnings fall on business customers, tax issue

KPN (Amsterdam: KPN.AS - news) , the Netherlands' largest telecommunications company, reported a worse-than-expected drop in fourth-quarter earnings on Wednesday, and forecast stabilised earnings for 2016. Analysts polled by Thomson Reuters (Dusseldorf: TOC.DU - news) had expected adjusted EBITDA of 596 million euros. KPN noted the 2015 figures no longer include a 44 million euro tax benefit that has been discontinued under Dutch law.