Russia's VimpelCom Ups Revenues
Russian mobile operator Vimpel-Communications (NYSE: VIP) has reported a 43.7 percent year-on-year rise in revenues for its third quarter. [Ed. note: It have crossed the 50 million subscriber mark and make all our comrades happy, da? Ahem. Sorry...] (See VimpelCom Reports Q3.)
VimpelCom, which operates in Russia and six other countries in the Commonwealth of Independent States (CIS), recorded revenues of $1.96 billion for the three months to September 30 and an 18.9 percent increase in subscribers to 50.69 million.
Those revenues keep VimpelCom ninth on the list of top carriers in emerging markets for the six months to September 30, at $3.67 million. (See Top Ten: Emerging Markets Carriers.)
Average revenue per user (ARPU) in Russia, by far its largest market, with 41.8 million subscribers, rose to $13.40 from $10.60. VimpelCom reported its first positive operating income before depreciation and amortization (OIBDA) in Ukraine, where it expects to break even by early 2009.
Net income rose 70.7 percent over last year to $458 million, beating analysts' average forecast of $441.9 million, according to Reuters Research .
VimpelCom isn't the only carrier on the top ten list making news -- South Africa's Telkom SA Ltd. (NYSE/Johannesburg: TKG) is going back to the drawing board following the collapse of M&A talks. (See Telkom Slumps as Talks Dissolve.)
— Nicole Willing, Reporter, Light Reading