2Q profit drop for Swisscom

13 Aug 2008

Switzerland’s former monopoly operator Swisscom has reported a 13.3% drop in net profit for the second quarter, despite the first-ever profit at its recent acquisition Fastweb; the drop has been attributed to the one-off charge relating to the purchase of the Italian broadband provider. Although net profit fell to CHF412 million (USD378 million), total revenues increased 12.5% year-on-year to CHF3.06 billion, boosted by a strong performance from Fastweb, which posted a profit of EUR25.9 million (USD38.5 million) for the three month period ended 30 June 2008. Swisscom has reiterated its targets for 2008, forecasting revenues to reach CHF12.3 billion and operating income of CHF4.8 billion for the full year.

Switzerland, Fastweb, Swisscom