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Swisscom rings up sharply higher earnings

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Swisscom rings up sharply higher earnings
Fibre-optic cables. Photo: Swisscom
12:14 CET+01:00
Swisscom saw its net profits for 2012 rise by more than two and half times from the previous year to just over one billion francs on slightly lower revenues.

The dominant telecommunications company in Switzerland said on Thursday that the sharp rise in earnings reflected impairment losses in 2011 from its Fastweb subsidiary in Italy.

Swisscom said that net revenue fell 0.7 percent to 11.38 billion francs.

The company said net revenue in the company’s Swiss business was stable at 9.26 billion, up 0.3 percent from the previous year.

Swiss capital expenditures jumped 30 percent to more than 1.9 billion “due to the expansion of broadband networks and expenditure associated with the mobile frequency auction,” Swisscom said.

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