Fastweb posts first full-year profit

27 Feb 2009

Broadband operator Fastweb reported net profit of EUR6 million (USD7.65 million) for the full year 2008, compared to a loss of EUR125 million in 2007. The operator recorded its first full-year profit on the back of a 19% year-on-year increase in revenue in 2008 to EUR1.71 billion. EBITDA was EUR512 million, excluding a one-time gain of EUR30 million in the second quarter of the year.

The company performed especially well in the final quarter of the year with revenue growth of 21% to EUR467 million. EBITDA for the three months to 31 December 2008 rose 39% to EUR146 million, with a margin of 31%.

The Swisscom subsidiary ended the year with 1.48 million subscribers. Fastweb launched mobile services for residential customers in September and claimed around 30,000 active SIM cards at 31 December.

Italy, Fastweb