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Swisscom's profits dip in first quarter

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16:21 CEST+02:00

Switzerland's top mobile provider Swisscom reported on Wednesday that net profit fell by 3.8 percent to 456 million francs (€379.5 million, $499.7 million) in the first quarter.

The result was in line with analysts' expectations. Swisscom said its outlook for 2012 remained unchanged, forecasting sales of 11.4 billion francs, on a level with the outcome in 2011.

Sales from January to March were 2.8 billion francs, down 2.1 percent from the figure for the first three months of 2011, Swisscom said.

Its Italian subsidiary Fastweb meanwhile reported that sales fell by 2.8 percent to €423 million in a highly competitive market.

Fastweb forecast stable sales of 1.6 billion euros for the year.

On the bright side for Swisscom, subscriptions to its TV service were up 39.7 percent to 655,000, thanks largely to combination packages providing cell phone, Internet and TV service, a new phenomenon in Switzerland.

Swisscom shares were up 2.7 percent to 347.20 francs in mid-day trading on the Swiss stock exchange, which was 0.8 percent higher overall.

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