Telecommunications services provider Swisscom (SCMN.VX,SCMWY.PK) reported Wednesday an increase in third quarter net income helped by a one-time gain, despite lower revenues. The company maintained its full-year sales and EBITDA forecast.
Net income for the quarter attributable to shareholders increased to 564 million Swiss francs or 10.89 francs per share from last year's 536 million francs or 10.35 francs per share.
The quarter's results included a one-off settlement payment of 69 million francs received by the company's Fastweb unit from a competitor.
EBITDA slid slightly to 1.25 billion francs from 1.26 billion francs in 2010.
The company recorded a 7.1 percent decline in revenues to 2.82 billion francs from 3.03 billion francs in the prior-year quarter, reflecting lower revenues from both of its prime divisions.
Revenues decreased 2.8 percent year over year in the Swisscom Switzerland unit to 2.12 billion francs, while Fastweb revenues fell 21.2 percent to 492 million francs.
Looking ahead, the company reiterated its full year forecast, and now expects annual net revenues of 11.5 billion francs, below last year's 12 billion francs, and full-year EBITDA of about 4.6 billion francs, in line with last year.
Further, Swisscom noted that it expects to pay a minimum dividend per share of 21 francs for 2011.
The stock is currently trading down 0.28 percent or 1 franc at 351.1 francs on the Swiss Stock Exchange.
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