Swisscom reports 47%jump in Q3 profits

Swisscom reported a 47% increase in net profit during the third quarter, boosted by the repurchase of a minority stake in its mobile unit from Britain's Vodafone Group, an Associated Press report said.

The Associated Press report said net earnings attributable to shareholders rose to 691 million Swiss francs ($607 million) in the third quarter, compared with 471 million francs in the same period last year

Net revenue in the July-September period rose 23% to 3 billion francs ($2.62 billion), it added.

The Associated Press report further said Swisscom, a former state-owned monopoly that still dominates the domestic market, said revenue declined in its fixed-line service but was helped by the acquisition of 1.2 million customers with the purchase in May of Italian telecoms company Fastweb.

Revenue from its mobile unit, a 25% stake in which it repurchased from Vodafone last year, rose 3% to 1.05 billion francs ($923 million), almost matching revenue gained from fixed-line services, which reached 1.09 billion francs ($958 million) in the third quarter, the report further said.