* Q1 net down 34 pct to PLN 189 mln vs 268 mln in poll
* Says Q1 hit by PLN 51 million in accelerated amortisation
* Upholds full-year guidance
* Shares underperform with 2.1-percent decline
(Adds analyst comment, share reaction)
WARSAW, April 21 (Reuters) - Shrinking fixed-line revenues and a one-off charge pulled first-quarter net profit at Poland's top telecom TPSA well below expectations, with the company stressing its full-year goals remain intact.
Shares in the France Telecom affiliate fell 2 percent drop on Thursday as it posted a 34-percent drop in net earnings to 189 million zlotys ($69.3 million), compared with 268 million seen by analysts polled by Reuters.
"The results do seem to be in-line with the company's overall guidance, but they are below expectations," IDM SA analyst Jakub Viscardi said. "Operating results disappoint and do not provide for a comfortable look into the future."
First-quarter earnings were hit by 51 million zlotys in accelerated amortisation, the company said, as the incumbent operator switches to a 3G network.
The operator, which is scrambling to cut costs, has suffered years of declining revenues from a market slowdown and a regulatory drive to boost competition.
Despite a 0.6-percent uptick for the local telecoms market in the last quarter, TPSA sales fell 3.7 percent to 3.729 billion zlotys compared with 3.787 billion seen by analysts, hit by lower regulatory fees for mobile text messages.
Further cuts in mobile termination rates (MTRs), the fees operators charge for calls to route through their networks, are expected to depress TPSA sales 2-4.5 percent this year after a 5.1-percent fall in 2010, but level off in 2012.
The group expects the market may fall a tad this year, sees its 2011 core profit (EBITDA) margin reaching 36-37 percent and aims to have free cash flow of at least 2.4 billion zlotys this year, compared with 2.45 billion last year.
This year's results will be skewed by the 1.7 billion zloty sale of its unit Emitel, while last year's were hit by 1.1 billion in new provisions for claims in a decade-long row with Danmark's GN Store Nord's unit DPTG. (Reporting by Adrian Krajewski; Editing by David Cowell)