Fastweb 3Q Net Profit Down 69% To EUR3.9 Million On Higher Charges
November 02 2010 - 12:34PM
Dow Jones News
Italian broadband operator Fastweb SpA (FWB.MI) said Tuesday its
net profit in the third quarter fell 69% on higher charges, with
earnings before interest, taxes, depreciation and amortization, or
Ebitda, slightly up.
The Milan-based broadband operator, which was acquired by
Swisscom AG (SCMN.VX) in 2007, said it posted a third-quarter net
profit of EUR3.9 million, down from EUR12.6 million a year
earlier.
In September, Swisscom launched a takeover offer on all
outstanding shares of Fastweb, representing 17.9% of Fastweb shares
capital, for an offer price equal to EUR18 a share. The offer will
close Nov. 12.
Fastweb, Italy's second-largest telecoms operator by market
value after Telecom Italia SpA (TI) said third-quarter Ebitda was
up 0.5% at EUR140.2 million as revenue grew 5.5% to EUR470.5
million.
-By Giada Zampano, Dow Jones Newswires; +39 06 69766925;
giada.zampano@dowjones.com
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