Editions:  Austria · Denmark · France · Germany · Italy · Norway · Spain · Sweden · Switzerland

Swisscom profits jump 10 percent

Share this article

12:35 CEST+02:00

Telecoms giant Swisscom reported Thursday a 10.1 percent jump in first half profits to 962 million Swiss francs (€926 million).

Telecoms giant Swisscom reported Thursday a 10.1 percent jump in first half profits to 962 million Swiss francs (€926 million).

The company said the increase was largely technically, given weaker earnings in first quarter 2010 when it made a provision of 102 million francs for its Italian subsidiary Fastweb's tax fraud case.

Sales fell 3.8 percent in the first half of the year to 5.7 billion francs, cut by a strong franc coupled with lower revenues at Fastweb, Swisscom said.

The telecoms giant said that despite customer growth, Fastweb revenue decreased 6.4 percent to 875 million euros during the first half due to strong competition.

Swisscom said the strong franc, which hits repatriated foreign earnings, had forced it to cut its 2011 sales guidance from 11.8 billion francs to 11.5 billion francs.

Get notified about breaking news on The Local

Share this article

From our sponsors

Change the world with a master's degree from Sweden's Linköping University

Master's students at world-leading Linköping University (LiU) aren't there simply to study. They solve real-world problems alongside experts in fields that can create a better tomorrow. Do you have what it takes to join them?

Advertisement