Former monopoly telco Swisscom has posted close to a 20% rise in net income for the first quarter of 2004, despite only a small increase in its revenues and the loss of one of its biggest cash cows. Net income grew 19.3% year-on-year to CHF488 million (USD377.3 million), whilst EBITDA dropped 1.3% to CHF1.13 billion. Revenues at its wireline business Fixnet were up 1.2% to CHF1.48 billion, with ADSL users more than doubling to 596,000, whilst mobile sales climbed 7.1% to CHF1.07 billion as its wireless subscriber base rose 5.6% to 3.84 million. The results exclude income from German virtual network operator (VNO) debitel; Swisscom agreed to sell its 95% stake in debitel to private equity company Permira for USD767 million in May. The group’s profit forecast has been seriously hit by its sale of debitel and the group now expects full year revenues of around CHF10 billion and EBITDA of CHF4.3 billion.