February 15, 2012 5:48 AM GMT
Swiss incumbent Swisscom's net profit fell 61% year-on-year to 694 million Swiss Francs due to an impairment charge on its Italian subsidiary Fastweb.
But that's not really the whole story, as the firm failed to monetize growing subscriber numbers. It blames growth in the number of customers choosing bundled services for the lower income.
On the bright side, the annual fall in net profit was marginally lower than the firm predicted, and it tips EBITDA to fall only slightly through 2012 as it continues to invest in its domestic broadband fiber network.