VimpelCom Ltd, which includes one of Russia’s top three mobile operators VimpelCom, saw its second quarter pro forma net profit increase 80 percent year-on-year to $488 million, the company said on Wednesday.
The net financial result for VimpelCom, which operates under the Beeline trademark, was above a consensus forecast of analysts polled by Prime news agency of $312.5 million.
The company’s revenue fell by 4 percent year-on-year in the second quarter to $5.745 billion but was above analysts’ expectations of $5.696 billion.
VimpelCom’s EBITDA grew by 2 percent to $2.481 billion, above analysts’ expectations of $2.367 billion.
“VimpelCom has made further progress in the second quarter of 2012, with year-on-year organic revenue growth of 4 percent and organic EBITDA growth of 8 percent,” the company said in a statement. “Whilst the results have been impacted by adverse currency movements, this organic performance highlights further solid execution of our strategy in our business units.”.
VimpelCom’s total mobile subscriber base grew 8 percent year-on-year in the second quarter 2012 to 208 million.