Swisscom's Q1 profit flat, sells Antenna Hungaria

9 May 2007

Swisscom reported an unchanged first-quarter profit on Wednesday, missing expectations, and said it would sell Antenna Hungaria to raise money for its bid for Italy’s Fastweb. Swisscom said it will sell its 100% stake in Antenna Hungaria to French TV broadcasting services provider TDF for USD444 million. Swisscom’s first-quarter net profit was CHF461 million (USD379 million), largely unchanged from the CHF460 million made in the same period a year ago as lower margins and higher costs for new products outweighed lower minority payments following the repurchase of Vodafone’s stake in Swisscom’s mobile unit. Swisscom, which has put forward a EUR3.7 billion friendly takeover bid for Italian broadband operator Fastweb, said its sales were stable at CHF2.38 billion francs.

Switzerland, Swisscom