Veon organic revenues rise but net loss widens in Q1

News Wireless Global 14 MAY 2018
Veon organic revenues rise but net loss widens in Q1
Veon witnessed higher organic results and strength at its mobile data operations in the first quarter, but also wider net losses on the back of continuing negative forex effects and pressure in Algeria and Bangladesh. It nevertheless reiterated its guidance for the full year. CFO Trond Westlie added that while performance in Algeria and Bangladesh remains under pressure, turnaround plans for the markets are on track and the company is expected to show operational improvements towards the end of the financial year. 

Total revenues dipped 1.4 percent lower from the year before to USD 2.250 billion, hurt by the devaluation of the Uzbek and Pakistani currencies. Organically, revenues lifted 3.2 percent, driven by operations in Russia, Pakistan, Ukraine and Uzbekistan, partially offset by continued weakness in Algeria and Bangladesh. Revenues from mobile data meanwhile jumped almost 16 percent to USD 505 million. Total mobile customer numbers, excluding the company's Italian joint venture, advanced 1.8 percent year-on-year to 210 million.

Adjusted EBITDA decreased 0.8 percent to USD 854 million, also hurt by Euroset integration costs. On an organic basis, EBITDA advanced 6.3 percent. The EBITDA margin rose 0.2 percentage points to 38.0 percent. The net loss attributable to shareholders widened to USD 109 million from a loss the year earlier of 11 million. The free cash flow, excluding licenses, totalled USD 334 million. Capex increased to USD 774 million, mainly due to spectrum purchases in Ukraine and Bangladesh. 

Categories:

Mobile

Companies:

Euroset,  Beeline,  Veon

Regions:

Global

Tags:

Sales figures, Financial figures

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