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Swisscom HY Profit Down

Swiss telecommunication services firm Swisscom AG (SWZCF.PK,SCMWY.PK) reported that its net income for the first-half of 2020 declined to 736 million Swiss francs from 780 million francs last year.

Group revenue was 5.44 billion francs, down 2.7% from the previous year after currency adjustments.

Swisscom continues to expect EBITDA of around 4.3 billion francs and capital expenditure of some 2.3 billion francs for 2020.

Mainly as a result of Covid-19, Swisscom expects net revenue to be slightly lower at around 11.0 billion francs due to the reduction in roaming volume. It was previously expected around 11.1 billion francs in revenue.

If business continues as planned, Swisscom plans to propose to the 2021 Annual General Meeting payment of an unchanged dividend of 22 francs per share for the 2020 financial year.

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