Fastweb 2Q Net Profit Tumbles On Higher Taxes, Costs
30 July 2010 - 1:45AM
Dow Jones News
Italian broadband operator Fastweb SpA (FWB.MI) said Thursday
its net profit in the second quarter tumbled on higher provisions
for costs, with consolidated revenue and earnings before interest,
taxes, depreciation and amortization, or Ebitda, unchanged.
The Milan-based broadband operator, which was acquired by
Swisscom AG (SCMN.VX) in 2007, said it posted a second-quarter net
profit of EUR2.9 million, down over 81% from EUR15.6 million
recorded a year earlier.
Italy's second-largest telecoms operator by market value after
Telecom Italia SpA (TI) said second-quarter Ebitda was unchanged at
EUR144 million and that EBIT fell over 24% to EUR33 million on
higher taxes.
In April, Fastweb avoided being put under court administration
due to a probe for alleged tax fraud. Prosecutors allege the
tax-fraud scheme was carried out between 2003 and 2006, with the
knowledge of top executives at Fastweb and rival Telecom Italia
SpA's (TI) unit Sparkle. Both Fastweb and Sparkle have denied any
wrongdoing. As part of the same case Chief Executive Stefano Parisi
suspended himself from the post and Swisscom Chief Executive
Carsten Schloter is acting as head of Fastweb.
-By Sabrina Cohen, Dow Jones Newswires, +39 02 58219906;
sabrina.cohen@dowjones.com
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