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Fastweb says 1st-quarter loss narrowed, sales rose

Fastweb says 1st-quarter loss narrowed, sales rose

Fastweb SpA, the Italian broadband provider that is being bought by Swisscom AG, said Friday its first-quarter loss narrowed after winning new clients.
The net loss in the three months through March 31 was euro20.7 million (US$28 million), the company said in a statement, compared with euro28.8 million a year earlier.
Total sales for the period ended March 31 rose to euro353.9 million (US$478.6 million) from euro289 million in the same period a year earlier, Fastweb said.
Swisscom said Thursday it received the go-ahead from the European Commission to buy Fastweb. Switzerland's largest telecom company made an all-cash bid for Fastweb in March that values the company at euro3.7 billion (US$4.9 billion).
EU regulators cleared the deal after identifying no antitrust concerns and receiving no complaints from rivals.
Fastweb founder Silvio Scaglia has already sold his 18.7 percent stake to Swisscom, a spinoff of the former state-owned PTT and still majority-owned by the Swiss government.


Updated : 2021-10-20 17:27 GMT+08:00