FastWeb: FY2009 net profit jumps by EUR34.5 million

Italian telco FastWeb has reported net profit of EUR35.6 million (USD48.47 million) for the twelve months ended 31 December 2009, up from EUR1.1 million in 2008 on the back of strong customer additions. FastWeb added 162,000 net new broadband customers in 2009, ending the year with 1.64 million in total. Meanwhile its mobile operation grew by 180,000 subscribers year-on-year, with 210,000 cellular customers at end-2009. Revenues for the period climbed by 8.5% year-on-year to EUR1.85 million at the end of 2009. The company is targeting a further 5% annual growth in revenue in 2010.