Vimpelcom reported a more than doubling in third-quarter sales, to USD 6.09 billion from USD 2.82 billion a year earlier, thanks to its takeover of the Orascom Telecom assets. On a pro forma basis, revenues rose 10 percent to USD 6.09 billion, and EBITDA was up 4 percent to USD 2.54 billion. In Russia, revenues increased by 8 percent in local currency, while Wind in Italy posted local revenues up 2 percent. Ukraine achieved growth of 4 percent, the Africa and Asia Business Unit reported revenue growth of 5 percent, and the CIS countries grew revenues by 19 percent. Net profit fell to USD 104 million or USD 0.07 per share, from USD 460 million or USD 0.28 per share a year ago, due to forex losses on debt and increased interest charges to finance the takeover. Capital expenditure increased 32 percent from a year earlier to USD 1.19 billion, and the company reported USD 1.86 billion in operating cash flow. The mobile subscriber base was up a pro forma 10 percent from a year ago to 199 million at the end of September and passed 200 million in October, the company said. Vimpelcom said the integration of the Orascom assets is on track and should be completed by year-end. It has already achieved USD 1.9 billion of the estimated USD 2.5 billion in synergies from the deal. In Russia, the company is implementing a cost optimisation programme aimed at improving profitability and boosting cash flow.
