Swisscom has posted a 0.7% decline in net profit in the fourth quarter ended 31 December 2008, beating forecasts, and said the economic downturn should have only limited impact on its business. The company posted a quarterly net profit of CHF435 million (USD370 million). Annual revenues rose 10% in 2008 to CHF12.19 billion, while net income fell 15.5% to CHF1.75 billion, which the company attributed in part to the 2007 disposal of a Hungarian telecoms subsidiary. EBITDA margin dipped from 40.6% in 2007 to 39.3% a year later. CAPEX for 2008 stood at CHF2.05 billion, of which Swisscom Switzerland accounted for CHF1.17 billion and Fastweb, its Italian ISP subsidiary, CHF691 million. Swisscom bought broadband specialist Fastweb in 2007, returning to a more aggressive strategy to counter lacklustre growth at home, where, like other former monopolies, it faces price pressures and increasing competition. ‘Excluding Fastweb, Swisscom expects net revenue for 2009 to fall by up to CHF300 million to between CHF9.2 billion and CHF9.3 billion,’ the group said in a statement.