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Swisscom announces first-half figures

Telecommunications giant Swisscom said Friday that in the first half of 1999, net revenues grew by 2.1 percent compared to the same period last year. The company said it had clearly maintained its position as market leader in Switzerland.

This content was published on August 27, 1999 - 14:05

Swisscom AG, Switzerland's largest telecommunications company, reported a 6 percent rise in net profit to SFr1.2 billion ($800 million).

Revenues in the company, which began selling shares on the stock market last year, rose to SFr5.2 billion ($3.5 billion), up from SFr5.12 billion (then $3.36 billion) in the corresponding period of 1998, a statement said.

"Growth in the booming mobile telecommunications sector compensated for the decline in voice communication, which is a result of competition," said Swisscom.

The company, still 65.5 percent owned by the Swiss government, has been slashing rates as other telecommunications firms enter the Swiss market.

Swisscom noted it also had increases in digital and Internet traffic.

Revenue growth slowed in the second quarter from the 7.6 percent pace of the first quarter, it said. Net revenues were SFr10.46 billion (then $7.59 billion) in 1998.

The company said it was proceeding with plans to "forcibly expand its presence in Europe."

From staff and wire reports.

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