UPDATE 1-Fastweb quarterly profit rises, unaffected by probe

* Q1 Net income 3.9 mln euros vs 2.3 mln euros yr earlier

* Says money laundering probe did not hurt performance

(Adds details)

ROME, April 29 (BestGrowthStock) – Italy’s No. 2 broadband operator
Fastweb (FWB.MI: ) said on Thursday its quarterly profit surged 70
percent as its subscriber base grew, shrugging off the impact of
a high-profile money laundering scandal.

The company, controlled by Swiss phone company Swisscom
(SCMN.VX: ), reported first-quarter profit (Read more your timing to make a profit.) of 3.9 million euros
($5.2 million), up from 2.3 million in the year earlier period.

That was below the analyst consensus estimate of 6.5 million
euros,according to Thomson Reuters I/B/E/S, but the company said
its operational performance was in line with its own targets.

Revenue rose 5 percent to 462.3 million euros, broadly in
line with the average estimate of 460 million euros, according
to Thomson Reuters I/B/E/S.

The company said it is maintaining its 2010 forecast of 5
percent growth in revenue, despite revising how some revenue
from customers whose services are suspended are booked.

It said further increases in the unbundling fee set by
regulators, which come into effect in May, would hurt its
earnings before interest, taxes, depreciation and amortisation
by 1.7 million euros.

Fastweb was rocked earlier this year by a money-laundering
probe in which prosecutors alleged its executives knew of a more
than 2 billion euro ring that laundered money via fake sales and
purchases phone services. [ID:nLDE61M1O2]

Fastweb founder Silvio Scaglia was jailed as part of the
probe, but the company managed to avoid the threat of being put
in the hands of a court-appointed administrator. [ID:nLDE6310GF]

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(Editing by David Holmes)
($1=.7508 Euro)

UPDATE 1-Fastweb quarterly profit rises, unaffected by probe