15% Dip In Fourth-Quarter Net Profit for Swisscom
Swisscom AG, Switzerland's biggest telecom company, reported on Thursday a dip of its fourth-quarter net profit about 15% to 367 million Swiss francs or $340 million. The net profit for shareholders against 443 million Francs for the fourth quarter of 2008 was 377 million Swiss Francs.
Swisscom accepted that the present stiff competition will thereby keep its sales and profit stressed in 2010. This was stated after rise in profits in 2009 was recorded as the weaker domestic demand was balanced by lower reduction charges. Revenues were reported to be less by 1.6% last year to 12 billion Francs.
Net profit increased to 10% to 1.93 billion Francs year after year supported by earnings during the first three quarters. Along with the contribution of 2.8 billion francs from its Italian subsidiary Fastweb, revenues reached 12 billion Francs during 2009. On the Zurich exchange, Swisscom's shares fell 3.2% to 378.50 Francs or $350.79. A net profit of 35.6 million Euros ($48.6 million) for 2009 was reported by Swisscom's Italian subsidiary.
According to Swisscom, an amount of 30 million has been kept as reserve for regulatory fines regarding the costs charged by it for other telecom providers connecting calls to its networks.
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