Swisscom reported a small drop in first-half results, but raised its full-year revenue outlook thanks to recent acquisitions. Sales for the first six months of the year dropped 0.4 percent to CHF 5.6 billion, and EBITDA fell 5.5 percent to CHF 2.1 billion. The company blamed the drop on general price erosion in the Swiss market and lower roaming revenue, while growth in customer numbers also increased costs. Net income fell by 9.7 percent to CHF 819 million.
Capex was down 0.4 percent in the first half to CHF 1.0 billion, but the company still expects a higher result for the full year. Revenues for 2013 are now estimated at over CHF 11.4 billion, up from an earlier outlook of CHF 11.3 billion, following the acquisitions of Entris and Cinetrade in H1, which are expected to add about CHF 150 million this year. Swisscom maintained its EBITDA outlook, for at least CHF 4.25 billion in 2013, and capex is forecast at CHF 2.4 billion.
The company also announced that it expects to appoint a new CEO before year-end, and Christian Petit has been named the new head of Swisscom Switzerland from 1 September. Petit is head of the residential division since 2007 and before that worked as head of Swisscom mobile since 2000. Marc Werner will success him as head of residential.
The Swiss operations recorded second-quarter revenue up 1.1 percent from a year earlier to CHF 2.1 billion thanks to the Cinetrade takeover, while EBITDA fell 5.5 percent to CHF 888 million. The number of revenue-generating units rose by 3.0 percent year-on-year and 61,000 in Q2 to 11.9 million at the end of June.
Customer growth included 53,000 new postpaid mobile customers in Q2, driven by 200,000 new subscribers to the Natel Infinity plans in the three months. Swisscom also added 42,000 new TV customers in the quarter, helped by demand for multi-play bundles, and broadband lines grew by 16,000 compared to March. The fixed-line base fell by another 34,000 in the quarter and was down 4 percent year-on-year.
