Plus   Neg

Swisscom FY Profit, Revenue Up

Swiss telecommunication services firm Swisscom AG (SWZCF.PK,SCMWY.PK) on Thursday reported nearly 10 percent growth in net profit for the full year, due to one-off effects in income tax expense, with revenues 2.2 percent higher from last year.

The Group's net profit for the year grew 9.7 percent to 1.67 billion Swiss francs from 1.52 billion francs last year.

Consolidated operating income before depreciation and amortisation or EBITDA was up 3.4 percent to 4.358 billion francs, positively impacted by new requirements governing the financial reporting of leases.

The Group's revenue for the year grew 2.2 percent to 11.45 billion francs. Revenues from saturated swiss core business slid by 2.8 percent to 8.56 billion francs, reflecting persistent competition and pricing in various segments as well as the downward trend in fixed-line telephony. Fastweb reported revenue growth of 5.4 percent.

Looking ahead to 2020, Swisscom expects net revenue of about 11.1 billion francs, EBITDA of around 4.3 billion francs and capital expenditure of around 2.3 billion francs.

Subject to achieving its targets, Swisscom said, it will propose a dividend of 22 francs per share for the 2020 financial year at the 2021 Annual General Meeting.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Guitar Center Inc., a retailer of musical instruments, lessons, repairs and rentals, has filed for Chapter 11 bankruptcy reorganization, aiming to significantly reduce its debt and continue its business amid ongoing struggles following the coronavirus pandemic. The company, which operates nearly 300 stores across the U.S., expects to complete the process before the end of this year. Amazon is offering new "Spoiler Free" ways to keep gifts a surprise, as well as to track, receive and pick up orders this holiday season. According to the company, the new features would help customers to face the challenge of keeping those special gifts under wraps as many families are opting to stay home amid the coronavirus pandemic. AstraZeneca Plc and Oxford University's coronavirus vaccine candidate AZD1222 is found to be 70 percent effective on average against Covid-19, according to the British pharmaceutical giant. AstraZeneca plans to immediately prepare regulatory submission of the data to worldwide authorities for conditional or early approval. The company will also ask for an Emergency Use Listing from the WHO.
Follow RTT