Swisscom profits soar 59% in Q2

Swisscom reported a 59% increase in second-quarter net profit following the takeover of Italian telecoms company Fastweb and the repurchase of a minority stake in its mobile business, an Associated Press report said.

The Associated Press report, quoting Swisscom, said net income attributable to shareholders rose to 475 million Swiss francs ($396 million) in the second quarter, compared with 299 million francs ($249.5 million) in the same period last year.

Net revenue in the months April through June rose 13% to 2.7 billion francs ($2.25 billion) from 2.4 billion francs ($2 billion) in the year-earlier period, the report said.

Revenue from fixed-line customers dropped 6.3 %, or 75 million francs ($63 million), due to competition from cable companies and the fact that a greater percentage of calls are being made through mobile networks.

The report said Switzerland's largest telephone company said its total number of fixed, broadband and mobile customers hit the 10 million mark for the first time, in addition to 1.2 million customers acquired with the purchase of Fastweb, which was completed in May.

Revenue from its mobile business gained 24% due to the repurchase last year of a 25% stake from Britain's Vodafone Group, the report added.

Swisscom said it expects full-year revenues in the region of 11.2 billion francs ($9.4 billion) to 11.3 billion francs ($6.9 billion), compared with 9.65 billion francs ($8 billion) last year.

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