Reporting maiden full year net profits of $1,290m, up 15%, on Friday, Koninklijke PTT Nederland NV promised more of the same this year, but the figures did not meet expectations and the shares slipped 2.70 guilders to 54.4 guilders after it warned that the profit growth was exceptional and was unlikely to be repeated in the current year. Potential growth for 1995 we believe will be lower than in 1994. At this moment we can say that we’re expecting 1995 to be a good year, chairman Wim Dik said, adding that only those expecting 1994 to be the norm would be disappointed. Average full-time staff numbers fell to 72,556 from 74,245 and the workforce reductions are likely to continue this year. It expects capital expenditure to remain roughly in line with the figure for 1994, saying Barring unforeseen circumstances or acquisitions the board does not anticipate raising money on the capital markets for financing purposes. Dik said he was delighted by the announcement on Thursday that the Dutch government plans to float the second tranche of PTT shares by late 1995 or early 1996. The state still owns 70% of the shares in Dutch PTT and widening this out would raise the company’s profile in international markets. When we say (to potential partners) 70% of the shares are owned by the state, people are very sceptical, Dik said, noting that doubts were raised over control of the company even though the state did not interfere.
