Vimpelcom profits improve in Q2

News Wireless Global 15 AUG 2012
Vimpelcom profits improve in Q2
Vimpelcom reported second-quarter revenues down 4 percent from a year earlier to USD 5.75 billion, hurt by negative currency effects. EBITDA improved 2 percent to USD 2.48 billion, and the margin rose to 43.2 percent. The figures are pro forma for its takeover of the Orascom/Wind activities in April 2011. On an organic basis, sales were up 4 percent and EBITDA rose 8 percent. This was driven by its home market Russia and the business unit Africa and Asia, which both posted sales up 10 percent, and the CIS division, which grew sales 10 percent. Vimpelcom's mobile customer base was up 8 percent from a year earlier to 208 million at the end of June. Net profit jumped 86 percent to USD 482 million, supported by a lower tax rate and amortisation. Capex was stable year-on-year at USD 1.0 billion, and net debt was down 5 percent from the previous quarter to USD 23.1 billion.

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