Swiss telecommunication services firm Swisscom's (SCMWY.PK, SWZCF.PK) reported a drop in first-quarter net income attributable to equity holders to 388 million Swiss francs, from restated 442 million francs a year before. On a per share basis, earnings amounted to 7.49 francs, down from 8.53 francs in the prior-year quarter.
Quarterly net revenue reached 2.73 billion francs, a 2.4% decline compared with the prior year's 2.80 billion francs, as restated; while operating income before depreciation and amortisation or EBITDA was 67 million francs or 6.1% lower at 1.03 billion francs. The company attributable the decline largely to price erosion in Swiss core business and seasonal effects.
Looking ahead, Swisscom still projects revenue of 11.3 billion francs, EBITDA of at least 4.25 billion francs and capital expenditure of 2.4 billion francs for the 2013 financial year.
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