Swisscom profits fall, increases VoD stake
May 3, 2013
Swiss telco Swisscom has reported net revenues fell 2.4 per cent in the first quarter as record customer growth failed to offset weakening market prices.
First quarter net profits fell 12.4 per cent to 390 million Swiss francs ($420.3 million). Swisscom TV connections increased by 205,000 (31.3 per cent) year-on-year to 860,000.
Meanwhile, Swisscom has increased its stake in Cinetrade – which it has held since 2005 – from 49 per cent to 75 per cent. Cinetrade, which holds film and sports rights for pay TV, VoD and pay per view, will continue to operate under its existing management.