VimpelCom Q3 Profit Up 185% to $538 Mln

MOSCOW, November 14 (RIA Novosti) – VimpelCom Ltd, which includes one of Russia’s top three mobile operators VimpelCom, saw its third-quarter US GAAP net profit increase 185 percent year-on-year to $538 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 $511.6 million.

The company’s revenue fell by 6 percent year-on-year in the third quarter to $5.747 billion, below analysts expectations of a 5.4 percent fall to $5.765 billion.

VimpelCom’s EBITDA dropped by 2 percent to $2.530 billion, above analysts’ expectations of $2.509 billion.

“We have made further good progress in the execution of our strategy, with strong organic growth in the group’s revenue and EBITDA. The EBITDA margin of 44 percent is the highest reported since completion of the Wind Telecom acquisition in April 2011,” VimpelCom CEO Jo Lunder said.

“We are delivering on our objectives and our focus will remain on delivering profitable growth leading to increased cash flows.”

VimpelCom’s total mobile subscriber base grew 7 percent year-on-year in the third quarter 2012 to 212 million.

 

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