Belgacom SA’s first-quarter net profit fell 10 per cent on higher costs from two acquisitions. However, the Belgian telecom company stuck to its forecast for 2009, saying sales to residential customers were holding up well amid the economic downturn, even though sales to business customers have suffered.

Net profit fell to E212 million in the three months ended March 31st from E236 million a year earlier. Sales rose 1.4 per cent to E1.49 billion.

Belgacom TV, the company's IPTV service , reached 555,000 by the end of the first quarter of this year, adding 49,000 customers in the three month period.

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