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Versatel drops after weak results from rivals

20-10-2004 15:01 por Reuters

AMSTERDAM, Oct 20 (Reuters) - Shares in Dutch phone company Versatel dropped to a two-month low on Wednesday after weak results from rivals Tele2 and Colt pointed to a difficult market for providers of alternative telecom services.

Versatel shares were down 4.2 percent at 1.38 euros by 1345 GMT after earlier falling as low as 1.35 euros.

"These figures and comments certainly do not help the sentiment out there and put pressure on Versatel shares," said analyst Frank Claassen at Rabo Securities in Amsterdam.

Colt, which concentrates on corporate clients, said it saw no respite from tough market conditions after reporting a 23-percent drop in third-quarter core profit.

Tele2, which competes in Versatel's home market, missed earnings expectations for the third quarter, also blaming stiff competition.

Versatel reports its third-quarter figures on November 3, but analysts still expect the results to be in line with guidance.

"I don't think their results will be too disappointing, but they have already said several times that competition is fierce out there," said analyst Rene Verhoef at Fortis Bank.

((Reporting by Christopher Borowski and Theo Kolker

Editing by Tom Pfeiffer

Reuters Messaging:

rm://christopher.borowski.reuters.com@reuters.net

Email:christopher.borowski@reuters.com

Telephone: +31 20 504 5009))

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