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Technology Stocks : AT&T
T 24.15-0.5%Dec 19 9:30 AM EST
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To: Skywatcher who wrote (1672)10/12/1998 6:39:00 AM
From: Greg Jung  Read Replies (1) of 4298
 
Swisscom Says Assets Have Shrunken
Sunday October 11, 3:56 pm Eastern Time

BERN, Switzerland (AP) -- Switzerland's telephone company Swisscom AG said Sunday it has adjusted its books to reflect 942 million Swiss francs ($712 million) in shrunken values of investments in Asia and Eastern Europe.

Spokesman Werner Nuber said the company had long since informed Swiss authorities of the downward adjustments to the value of its assets over three years, reported earlier Sunday by the weekly SonntagsBlick.


The main investments affected include those in the European Unisource alliance, which it has shared with AT(NYSE:T - news)&T Corp., Dutch and Swedish partners; Malaysia's Mutiara Telecom; and India's Aircel Digilink, the company said.

But Swisscom said it still regards its investments in the turbulent markets as having long-term promise despite problems from 1995 through 1997.

The government-controlled Swisscom, formerly the telecommunications arm of Switzerland's postal service, earlier this month began selling shares to the public.

Nuber refused to characterize the write-offs as losses and rejected comparisons with UBS AG, Switzerland's and Europe's largest bank.

Last month UBS said market turmoil would cause it an after-tax loss of up to 1 billion francs ($755 million) in the third quarter of 1998.
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