FastWeb swings to profit

8 Aug 2008

Italian internet service provider (ISP) FastWeb has reported a first-half 2008 net profit of EUR14.9 million (USD23 million) compared to a loss of EUR14.9 million for the same period in 2007. Second quarter net profit was EUR25.9 million, up from EUR5.8 million twelve months previously. Revenues for the quarter rose 18% to EUR425 million. FastWeb added 60,000 new subscribers in the second quarter, taking its total to 1.4 million as of 30 June.

FastWeb is Italy’s second largest broadband operator and is 82.4% owned by Swiss incumbent telco Swisscom. The ISP said it expects to launch its first 100Mbps product, for the SME market, by the end of this year.

Italy, Fastweb