Fastweb posts 40% decline in net income

Italy’s second largest broadband operator by subscribers, Fastweb, has reported a 40.2% year-on-year drop in net income for the second quarter of 2009, down to EUR15.6 million (USD22.1 million) at the end of June. Revenues climbed 11.8% to EUR474.5 million for the three months ended 30 June 2009 from EUR424.5 million a year earlier. However, operating expenses grew by EUR26.7 million in the period, up from EUR304.6 million in Q208 to EUR331.3 million in 2009. Earnings before interest, tax, depreciation and amortisation (EBITDA) fell by 11.6% year-on-year to EUR143.5 million. The company added 33,300 net new customers in the quarter, ending June 2009 with 1.58 million broadband subscribers in total.