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Swisscom profit plunges by 6.8%, to name new CEO before the year ends

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(Credit: Reuters) The photo exhibits the logo of Swisscom AG.Swisscom AG
August 7
3:16 PM 2013

On Wednesday, Swisscom AG posted a 6.8% slump in its earnings during the second quarter. The telecommunications titan stated it would follow the outlined strategy made by its late CEO Carsten Schloter. Swisscom added that the company expects to appoint a new CEO by the end of the year.

The Swiss government owned 57% of Swisscom. It said it would maintain a plan regarding infrastructure investment created last year. Schloter, who was discovered dead in his own home last month, designed the plan. The infrastructure strategy was developed to provide greater internet speeds and a digital television to customers. The plan is currently Swisscom's attempt to expand outside of the company's mobile phone enterprise.

In 2012, Swisscom reported that CHF400 million or US$431 million from price cut was offset by earnings from latest sources. In this year's second quarter, the company's net profit declined to CHF427 million from CHF458 million in 2012. Its income climbed by 1% to CHF2.86 billion.

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