Ascom says first-half saw doubling of net income

Swiss-based telecommunications giant Ascom on Tuesday released its figures for the first six months of the year and reported an operating result increase of 18 percent compared to the same period the previous year.

Swiss-based telecommunications giant Ascom on Tuesday released its figures for the first six months of the year and reported an operating result increase of 18 percent compared to the same period the previous year.

The group’s after tax net income effectively doubled and reached SFr 39 million ($26 million), the company said.

Ascom said the improvement was the result of the higher operating result, lower financial expenses and a one-time gain from the sale of a business unit.

The first half of 1999 also saw important acquisitions and divestitures, the company said.

The acquisition of ABB Power Supplies, for instance, marked the companies further expansion in the telecommunications and IT market, Ascom said.

The company also underlined the growing importance of the Internet in the world economy and said it would expand its business activities in the e-business market.

Ascom said that it already had significant know-how in communications networks and financial transaction systems.

From staff and wire reports.