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Swisscom H1 Net Profit, Revenue Down, EBITDA Up; Backs FY19 Outlook

Swiss telecommunication services firm Swisscom AG (SWZCF.PK,SCMWY.PK) on Thursday reported that its first-half net income edged down 0.9 percent to 780 million Swiss francs from last year's 787 million francs.

Consolidated operating income before depreciation and amortisation or EBITDA, however, grew 4.5 percent to 2.24 billion francs on reduced costs.

In Swiss core business, EBITDA fell by 1.6 percent, while Italy's Fastweb EBITDA in local currency increased by 6.6 percent.

Group net revenue declined 2.4 percent to 5.66 billion francs from 5.81 billion francs last year, due to fierce competition and strong price pressure.

At constant exchange rates, revenues fell 1.7 percent.

CEO Urs Schaeppi said, "Many market areas are saturated and all providers are using promotions to try and gain customers and market share. ...We have achieved some major successes in the market: after just over four months, around 570,000 customers have already signed up for our new inOne mobile offering."

Looking ahead for fiscal 2019, Swisscom continues to expect net revenue of around 11.4 billion francs and EBITDA of more than 4.3 billion francs.

Further, subject to achieving its targets, Swisscom will propose payment of an unchanged, attractive dividend of 22 francs per share for the 2019 financial year at the 2020 Annual General Meeting.

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