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. Last Updated: 07/27/2016

Mobilcom Shares Slide




FRANKFURT, Germany -- Mobilcom AG on Monday reported first-quarter profit below expectations as the intense competition in Germany's telecommunications sector took its toll on the once-high-flying carrier.


The group, which also said margins would remain under pressure throughout the year, saw its shares tumble more than 8 percent to 195 euros ($209.50).


Boosted by two 1998 acquisitions, first-quarter pretax profit came in at 63.5 million marks ($34.89 million), more than four times higher than the year-ago figure but well off analysts' expectations of about 75 million marks.


"The numbers were worse than expected. They were below my most pessimistic expectations," said Holger Grawe at WestLB Panmure in D?sseldorf.


On Frankfurt's Neuer Markt, Mobilcom shares hit a low of 195.50 euros. Sales in the quarter reached 467.9 million marks, roughly in line with expectations.