Swisscom's net profit increased by 10,1% in the first half of 2011, rising to 962 million Swiss francs (equal to 923,9 million euros). However, turnover fell by 3,8% to 5,7 billion. The decline was determined by the bad performance of the group's subsidiary, Fastweb, which, in the face of strong competition, lost 6,4% of its turnover. The figure adjusted by Swisscom, after removing the negative effect due to this circumstance, shows instead that the group has managed to obtain a result almost in line with the previous ones.
The appreciation of the Swiss franc against the euro inevitably weighs on the forecasts for the future, which has led to a downward revision of expectations for the rest of the year. The new estimates on the figures speak of 11,5 billion francs compared to 11,8 billion previously expected. On the other hand, forecasts for 2011 operating profit, equal to 4,6 billion francs, were confirmed.
