Belgacom profits dip more than 50% in first half

Belgian telecom group Belgacom's net profit fell by more than half in the first quarter, but its results for the period still beat analysts' expectations, an AFP report said.

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

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

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

The company said it had sold off some assets in 2005 and acquired services group Telindus, affecting its results, according to the report.

Analysts were pleased with the results, but shares in the company eased in early trading.