Swisscom 1H: revenues fall but net profit grows

12 Aug 2009

Swisscom has reported a 1.2% decrease in revenues to CHF5.92 billion (USD5.46 billion) for the first six months of 2009, compared to the same period last year. EBITDA for the period ended 30 June 2009 dropped 3.8% to CHF2.24 billion while EBIT decreased 0.8% to CHF1.39 billion. On a constant currency basis, net revenue rose by 0.3%, while EBITDA declined by 2.7%. The group’s Italian subsidiary Fastweb increased revenue in local currency terms by 12.9%, while Swiss revenues dropped 2% year-on-year to CHF2.113 billion. The revenue decrease in Switzerland was caused by continuing price erosion of around CHF200 million, which customer growth and new service offerings could not offset. Swisscom’s net profit for the six month period grew by 20.7% to CHF1.021 billion due to a combination of lower net financial expenses, a reduction in depreciation and exceptional items relating to the termination of long-term lease agreements in the previous year. CAPEX for the first half amounted to CHF860 million, 6.8% lower than CHF923 million in the same period in 2008.

At the end of June Swisscom had 1.795 million DSL customers, up 5.7% year-on-year, and the number of Bluewin TV (IPTV) subscribers more than doubled from 80,000 a year ago to 165,000. Swisscom’s fixed telephony base dropped 2.6% year-on-year to 3.59 million on 30 June, and the number of unbundled DSL lines grew from 4,000 a year ago to 82,000 this year. Swisscom’s mobile customer base grew 5.7% year-on-year to 5.478 million, including 267,000 iPhone users. The total base includes 3.318 million post-paid customers (up 6.4%) and 2.16 million pre-paid customers (up 4.7%). Average revenue per mobile user per month (ARPU) declined by 5.8% to CHF49 as a result of lower prices and the introduction of new tariff models. Average minutes per mobile user per month (AMPU) remained practically unchanged at 112 minutes.

Switzerland, Swisscom