Swisscom reports full-year net profit rose 29% to US$2 billion

5th March 2008, Comments 0 comments

Swisscom AG said Wednesday that the repurchase of a minority stake in its mobile unit helped boost full-year net profit by 29%.

5 March 2008

BERN - Swisscom AG said Wednesday that the repurchase of a minority stake in its mobile unit helped boost full-year net profit by 29%.

Switzerland's biggest telecoms company said earnings reached CHF2.07 billion Swiss in 2007, compared with CHF1.6 billion the previous year.

Swisscom said net revenue during the year was up 15% at CHF11.1 billion.

The former state-owned monopoly said revenue benefited from the repurchase of a 25% stake in its mobile unit from Britain's Vodafone Group PLC in 2006, and the acquisition last May of Italian telecoms company Fastweb SpA.

Swisscom also received a one-off gain from the sale of its Antenna Hungaria and Infonet subsidiaries, which added CHF162 million francs in net income during the year.

Swisscom shares were down 2% at CHF379.00 in Zurich.

[Copyright ap 2008]

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